first flip property

[Rose Bush]

Hello,

I'm considering buying a property to flip in an affluent neighborhood. This is a bank owned foreclosure. I'm a little nervous about it being a previous foreclosure. Would that affect the price I could get. It needs a significant amount of work - some flooring, new kitchen cabinets, possibly expanding a half bath to a full bath - to fetch a good price. Its listed for 200K. So if, I put in 50-70K, it would be nice to be able to sell it for 350K.

Neighboring comps are in the range of 350 - 400K. One home that was not updated were sold last year for 250K too.

Appreciate any input you might have.

Thanks.

Rose Bush.