Approved for 700,000 Can I find a home 25-30% below market V

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Hello,
I would love to flip a property. I have been approved for up to 700,000. I have up to 150,000 (borrowed money) for down payment holding costs and ect. I live in Orange County California. Looking for something not to far away max 45 minutes. I have one realtor telling I can't do it - not in today's market I will loose. I have another realtor telling that I can do it. I need to find a property at least 25-30% below market value. I have yet to find a property where the numbers make sense. Any expert advice will greatly be appreciated.