Flipping House within a month?

[Richard Vaj]

Here's the backstory to my situation. There is a house in Elk Grove, Ca that I had agree on buying it for $385k. Since it was a bank owned property they decided that that was too low and asked for $395k. I again agreed on the price but the investor would not agree and wanted 405k. I agreed to that price as well. This whole process took 8 months and during that time I have already just purchase a new house. I was just notified today that they have agree to the 405k price. 

Is it a smart plan to purchase the house for 405k and flip for 450k? I believe I can sell it within a month or two. Most house around the area is going anywhere from 450k to 480k.  The house needs minimal work (new carpet, new interior paint and may switched out the counter tops to granite.) Going off the 70 percent rule, it makes no sense to buy it just wondering what you guys think. 

This will be my first time trying to flip a house.