First Spec Project Advice

[Account Closed]

I am considering my first rehab project.  I have been a broker for 13 years and done two projects but one I live in and the other was a rental home and I only renovated it to sell it.  This would be my first purchase solely to flip.  Here are my numbers, curious if my numbers make sense and if this is a wise investment:

Purchase Price: $600,000

20% Down: $120,000

Total Closing Costs: $17,500

Total Other Costs (Carrying, Taxes, Insurance): $22,850

Total Rehab Costs: $262,500

Total Property Costs: $422,850

Estimated Sales Price: $1,100,000

Estimated Closing Costs on Sale: $43,575 (Reduced from standard 5% as I am a broker so my fee is removed)

Potential Net Income: $170,000

Return on Investment: Approx 40%

Expected Timeframe: 6-9 Months