Is this a good deal? Farmington, Utah, 2770 sq ft $300K?

[Becky Mendoza]

Hi! This is my first deal!!! I’d love your advice as to if this is a good enough deal. Farmington, Utah, 2770 square feet for $300K. The 70% rule doesn’t work for the asking price, but if I offer $277K, the 80% rule would work. I estimate it would take $40000 to do the remodel and I could sell for $400K. 

Thank you for your help!!