Is this a good deal for a house?

My husband and I found a house on .24 acres of land. It is 1549 sq feet...three bedrooms, two bath, two car garage, eat in kitchen, front porch. It doesn't have a pantry or a separte dining room area. The house has been forclosed and is bank owned. The house looks like it is in great condition...of course we will get the best of all inspections if our offer is accepted...we are using VA loan... We did some tax research on the house and found that the house was originally bought for $219,000 in February 2007. The house was last appraised at $147,000 in 2007. The house became bank owned in November of 2007. The house is now for sale at $124,000. The house is in Florida and is by good schools and hospitals. The only bad thing is the shopping area is 30 minutes in either direction. The house is also pretty secluded. Is this a good deal?