Why don't wholesalers do simple rehabs for bigger profits?

[Chad Griffin]

I found a company somewhat local to me that has a property listed for $175k, they are estimating $30k in rehab for a total project cost of $211k including closing. The only comp was sold a few weeks ago for $410k. It sounds too good to be true and I can't wrap my head around some one not doing those repairs for that potential profit. My wife and I are looking for our first investment, and this SEEMS perfect... Any thoughts?