How to estimate a purchase price on a foreclosure fix and flip?

[Nick Stango]

I'm looking to get started with fix and flips, I'm not 100% on how to estimate what to offer on a foreclosure. Is there a rule that I can use? I've heard about 65% of ARV, is that minus repairs? So if an ARV is $200k x 65%= $130k minus say $30k for repairs, so I can use $100k for my ideal purchase price? Thank you in advance. Nick