Is this a great deal?

[Justin Morris]

Deal break down,

3BR/1BA
1564 SQFT
Built 1930

Asking Price: 49k(can probably get them down to 46K)
Closing Costs: 1k
HOI+Taxes:$400 a month
Rehab Costs: 5K(basically paint, could upgrade appliances and carpet)

Total Investment
56K

Comp average is 105k

Total Profit
30-40k

Looking at this for my first flip, thoughts? Please let me know if this is not enough info. The only concern I have is it was listed in 2011 for 105k, 8ok ,75k and not sold. Then it went into foreclosure and was picked up but a investor I think and they tried to sell it for 55k in December and nothing. Could there be something seriously wrong with this house and they are just keeping it a secret? Or is it a sign of the market? I was thinking of putting it up 89k after repairs are down for a quick sale.

Thanks

[Ryan R.]

So you're just going to paint it and then sell it? Sounds too easy. Why didn't the previous investor just paint and sell it for a big profit? Sounds like there are hidden factors here.