Steps to take

[Shannon X.]

Hello,

I would like to ask a question based on what I have read and found.

I found a house for about $118,000, 4bed, 2bath, full basement, lets say, hypothetically speaking the house needs about 20k in rehab; and I believe I can resell the house for about 150,000. Now according to one article I read here it should go something like this...

So I would want to buy the house for about 73K thats if I would like to make the 15k profit?

Now this is all based on random numbers, however is this how it will pretty much go? also how do I go about on figuring out how much the house would actually be worth before putting all the rehab in and how much it would be able to sell for? is this all based on comps? if so; when checking the comps what should I check for excatly? Should I match the house I'm trying to rehab with other houses that have sold with EXCAT specifications? and do I only search in the same neighborhood and how far of a radius should I search? the next 3 blocks? or as far as a mile?

Any other input you all would like to add please, please, please add it in

Thank You very much!