Update: the house was great and ready to make an offer…but it doesn’t qualify for FHA, which I’m stuck with (poor previous life choices). Any experience with FHA loans?

I am a first time homebuyer in a small town in Michigan. I am 41, no kids and one dog. There is a very small home for sale that needs some work (siding, steps torn out and rebuilt). The one bedroom is 8x9'...which is suboptimal. The cost is $60K but fully recognize in a regular market it would be half. Unfortunately, I need to find something sooner than later. I have not purchased or made an offer yet but may soon.

Question: what about an "open concept/studio" house? I am not an interior design guy but watch enough home improvement shows to know what I like. Will it hurt future resale? Probably.

Thoughts/feedback/experience appreciated.