When finding a flip 70% guideline on a $200k house vs $800k

[Skip Gilliam]

Is this guideline standard practice across the board or does it change depending on the or neighborhood and area? Found a great candidate for a first flip 4600sq/ft. After Reno value should be in the $850,000 range 70%=$595,000 $100k Reno cost at least to get it up to the level it needs to be. $495k purchase price following the formula. Realistically probably the bottom price in this neighborhood will be $525k-$550k Am I missing something? worth doing the deal?