Help me Analyze this please

[Shaun J.]

Went out and looked at a property yesterday in a richie rich area. House is currently a 2bd 1 bath two story house. It's currently a rental @2200/mo which is lower than the average of $2800 per month. 

I am looking to wholesale this, and before I make my offer today I'd like to make sure my math is right for a wholesale flip.

ARV: $485k

485 x .70 = $339,500

Rehab is $60k 

$339,500 - $60k = $279,500

Wholesale Fee = $10k

That would make my MAO $269,500?

There is no Mortgage, she owns the house 100%. House was built in 1930. It needs floor joist work, new windows, complete new roof etc etc

I don't think she is going to go for $269 because she mentioned she thinks it's worth 400k right now. 

Any advice would be greatly appreciated. Thank You!