Orange County Auctions Selling at less than 15% Discount?

[Jefferson Kim]

From the auctions in Orange County from July 30, 2015 to August 18, it seems to be the case that auction winning bids are less than 15% discounted from market prices.

https://docs.google.com/spreadsheets/d/1Gta1Q8JMFC...

That means for a $500,000 all cash purchase, 10%, or $50,000 going to renovations and whatever craziness occurs (evictions, etc), and then maybe 5% for real estate commissions.

You're already in the hole.

Oh, and hope that the market doesn't crash while you try to sell!

So the only way to make money seems to be that you sell your own house as an agent (save about 2.5% on commissions), and that you do the renovation work yourself (maybe save half to 75% of the contracting cost). And that the market doesn't have any sort of dip whatsoever.

Does my rough analysis seem out of step with reality?