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Wanting to Buy a large foreclosed home…….?

There is a house in a nearby neighborhood that just recently foreclosed.It is for sale by the bank for $315,000 and is normally a $465,000 house on the market today.I went and looked at the house and it just needs VERY minor repairs and some paint work.Would it be a good investment to purchase this property and fix it up a bit and then either live in it for like 2-3 then re list it or even re list it now and make a profit off of it???It is a 5-6 bedroom house…3 full baths…full walk-out basement… with 6625 sq.ft. in an upscale neighborhood and was built in 1990.Would it be worth purchasing and would I make a good enough profit?