On the fence about proceeding with a FLIP

[Josh H.]

Hello, looking for some advice from some veterans. My wife and I have a cape cod home in contract in southern Maryland. Built in 1951 but has had some updates, we will be making it fully modern. 

176k purchase price, 80k in repairs/labor, appraisal just came in at $350k.

The biggest problem is that it has 7 foot ceilings.

It is in a hot area with good schools but we do not know if the house having 7 foot ceilings will be a deal breaker for buyers. Should we walk or close the deal? We are scheduled to close in a week.

Thanks,

Josh