Help On A Rehab With Equity

I have a 1 bedroom house in my neighborhood that has a purchase price of $36000 (owed to the bank)and fmv of $55-57,000 (comps in the area). The house needs WORK! (5000.00 est.) so I need a little help on a offer to this guy. I have read the option books but not much help when renovations are due. Any help out there?

Thannks all of you, bigguns

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