First time Buyer, 130k Max price range, how much $$

[Wes Peters]

So i'm a first time buyer looking to find a place that needs some basic TLC and could be flipped. I found a SFH deal that is listed for 115k that is in an area where surrounding homes have recently been sold for 160k-180k, I would be looking for FHA financing or possibly 203K financing. My thought process was this, I could offer 100k and borrow another 30k or 40k for repairs that could be rolled into the loan, after repairs i would be looking at 20k - 30k in profit. Obviously, this is an overly simplified plan, but am i looking at this the right way? how much money should i have in the bank, assuming i have 3.5% ( $4,375) to put down on such a loan?