Minimum Acceptable Profit on a Flip

[Andy More]

I sent out my second mailer on monday to multifamily property owners with equity. I sent out 80 letter and have already received 7 calls. I've made 7 offer and so far have 5 rejections. Havent heard back from the other two yet.

Most of the people contacting me own properties that overall are in good condition and dont need any significant repairs. I've been pricing my offers with a minimum 20k profit. Is this an unrealistic profit to expect on a property that needs no renovation?

I didnt expect any accepted offers only after 5 offers but was just wondering what others thoughts were on this.