Evaluating Flip in Arlington, Texas

[Michael Thorne]

Hello BP Community - 

I am looking to do my first flip.  I am looking in the Arlington, Texas area which as of late is difficult to find a good deal in, which if you are in Dallas / Fort Worth or TX you probably know.  I have a property in mind that has shown up on the retail market (I know, I know, find a deal off market - I am working that too).  I am hoping to learn while evaluating this and having the community here poke holes in the plan. 

Here are some basics - it’s a 2/1, ~1,000 sq ft B-/C property.  It’s pier and beam, looks like some floor issues, in the main room has paneling, kitchen & bathroom needs redoing, probably a new HVAC (?).  Pretty good outside.  Rough idea of numbers: listed at 165K, 25k remodel(what do you think, should be less?).  Getting comparables but should be 200k range to sell.  

So looks like they are asking too much.  What questions should I be asking? What approach has worked for you in the past on a property like this?

Thanks, Michael