Am I doing something wrong when I run the numbers?

[Jim Lowe]

Hey guys, I'm very new to this(flipping) and I have some homes around me for sale that I think could be a great first flip, but then when I run the numbers it seems like I'll take a loss. Please help:

My question is about this fictitious expense report I made up and I'm wondering if this is how you guys would go about figuring out your net profit off a flip? In my head I thought a home for 50k that needed 20k in repairs with an ARV of 105k with comps selling in that same price range would be a great start. Unfortunately after I put together this fake report(below), it seems I would actually take a loss off the deal and I'm wondering where I went wrong? Any advice is welcome, thanks! Also, I know closing costs on both sides of the deal is a lot but I am thinking worst case scenario if its what's needed to make the sale.

REO list price: 50,000

ARV: 110,000

Comps: 100,000-115,000

Offer price: 50,000

Home inspection: $500

Closing costs/taxes/fees: estimated 5,500

Estimated rehab cost: 20,000

Carrying costs: 1,500

Loan amount: 55,000

Out of pocket cost: 20,500 (down payment, home inspection, closing costs and fees)

Loan terms: 12 months @ 10% interest + 3 points at closing

Total cost of house + rehab: 75,500

Sell price: 105,000

Gross Profit: 34,500

REA commission: 5% (5,250)

Closing costs: 5% (5,250)

GC share: 10% of profit (3,450)

Carrying cost: 1,500

Out of pocket expenses: 20,500

Loan interest: 1,000+/-

Loan points: 3,100

Costs: 36,450

Net profit: -1,550

Taxes: loss