Do I rehab and flip, flip as is, or buy and hold?

[Sharon Anschultz]

I got a great deal on a property.  The broker experienced in flipping told my not to pay more than $50K at the auction.  I got it for much less.  Does anyone know of any spreadsheets that can help me determine the best course of action.  The broker provided me rental comps at around $900, though I might get more if I rehab the 2 bedroom into a 3 bedroom.  The home is 1700 square feet so creating a 3rd bedroom should not be a problem.  He said he could sell the property for between $95K & $115K.  If I rehab, I'll be into the property for about $50K.