Your not getting a good enough deal to flip it, and you can’t rent it out and break even. So I’m guessing you’re looking to live in the property?
On Monday I was talking to a young guy looking to buy his first house. He lives with his parents. I said you have time, so what you want to do is find a really great deal. I told him he will be so stressed out if he buys his first home for $200,000 that is worth $200,000. But if he finds a house for 60-70% of the value he will feel good inside and the stress will be minimum. If this house is worth $515,000 then try and get it for closer to $350,000 or walk away. Keep looking at properties and keep on bidding until you get a great deal.
Great deals make you feel good inside, like your doing the right thing. There’s no thinking involved because it’s obvious you should buy it.