Pre foreclosure sfr

[Jorge Ruiz]

Hello BP! 

I am looking to purchase a SFR that is still in pre-foreclosure. Here are the numbers I have as of now:

Foreclosure default amount: $165K

FORECLOSE ORIGINAL MORTGAGE AMOUNT: $270K

ARV: Comps show upwards of $220K

Repair cost: $40K

City: Bakersfield, Ca

Based on these initial numbers how do I make this deal work as a flip?

The way I see it in order to for me to obtain this property is to satisfy the default amount. That would not leave any money in it for me after the repairs, fees, holding cost...am I correct or can someone please help me see something else.

Thanks BP.