Deal Analysis Helf for first time flipper

[Norman Miles]

Hello, all.  I am a first time flipper and I have a deal I am very interested in....  I was hoping some of you could give me some feedback on it.

The house is a single family home in a private community, 0.32 acres, 2 bedrooms, 1 bath, 1100 sq ft, full un-finished basement, new refrigerator, new oven, new hot water heater, recently renovated large bathroom.  Property includes 2 small sheds, landscaped yard, hand made porch swing.

Sale also includes next door lot (0.32 acres).

Information from Wholesaler:

ARV: 145,000

Repairs: 22,000 (13,000 for repair to septic system, $9,000 for general updating)

Asking price: 65,000

Comps provided by wholesaler:

2/1.5/976 $157,000 8/26/18

2/2/1200 $138,000 9/26/18

2/2/1536 $134,900 10/31/18

3/1/1176 $145,000 

2/1/840 $125,000 11/5/17

I pulled my own comps from Zillow:

2/1/900 $79,000 8/2/18

2/1/1176 $95,000 9/25/18

2/1.5/976 $157,000 8/26/18

2/1/1181 $119,000 7/31/18

2/1/900 $30,000 10/2/18

2/1/960 $100,000 7/13/18

Based on my comps, houses are selling for $94.61/sq ft which would make the ARV $95,370, not the $145,000 he listed. However, this doesn't include the benefit of the second lot. So I pulled comps for that as well:

0.49 acre $4,900 7/25/18

0.60 acre $694 8/2/18

2.18 acres $22,000 7/2/18

0.28 acre $100,000 9/24/18

0.28 acre $953 7/5/18

This shows land only (0.32 acre) would sell for about $26,006, adding to the ARV.

Summary:

Wholesaler's information                 My Numbers                Adjusted with additional lot

ARV $145,000 $95,300 $121,300

Repairs            $22,000                                              $22,000                       $22,000

Purchase        $65,000                                              $65,000                        $60,000

Hopefully this makes sense and someone can give me some feedback on this.

Thank you for your time,

Norm.