My first bid on a property

Dec 15:
Placed first bid on a fore closure.
ARV 49,900.
Asking price 19800.00.
Bid 1200.00.
purchaseing with cash.
Exiting strategy. Buy and hold. Place on market as rent, or lease w/option.
HUD owned. limited ability to inspect. No power, no water. Did walk thru. Impressed with winterization done. Building is clean and move in ready in apearance.
Becausse it's HUD I have to pay the realtor.
Sold As-is. Not sure if I can place conditions as to my ability to back-out if inspection proves too costly. Waiting for response from HUD on 12/16/2011.
Found on HUD website a mention of esrow discussing 4400. of posiible repairs. Plan to discuss this with realtor. If I don't get it, won't be angry. Has been a great experience, and learned allot. Found this experience a great motivation to start my next.