New investor- Need advice on bank owned property

[Kimberly Rice]

Hello all, so here is the deal; Bank owned property listed at 153k After seeing, I offered 155k plus closing (7k) which brought my offer to 162,500k. Still not too bad but possibly too high for bank owned. I elected to have this property rehabbed under 203k program as it qualified. I had some great ideas. Comps for the area were 221k on the low and 255k on high side but that's about it. Nothing higher than 255k. I figured if I could go for a full 203k but keep cost at 60k or below, I could still get a possible 12 percent profit out of the deal selling at 255k. ARV is 222,500. But After 203k I would have to invest an additional 20k in house for deck and second bathroom to possibly sell at high value, 255k. Problem is I would spend a total of approximately 245k after 203k, and additional 20k for deck and bathroom- which doesn't really seem like a great deal. I would have to sell really high just to get a profit. Please share your thoughts. I want this to work but the numbers keep haunting me and encouraging me to pull out. I am interested to hear responses. Thanks in advance!!!