Question on potential first flip

[Eric Woockman]

I have really been considering getting into flipping houses here in Omaha Nebraska.  I have a young family and don't really have the money.  If I do it I need to find a house that is almost a guarantee.

I have read The book on flipping houses and the bood on estimating rehab.  I have been to many different websites and blogs.  I subscribe to realtytrac.com (is that a reliable/ accurabe site to help find property and comps)

I will try to give as much detail as possible.  I came across this house built in 1983,bank owned. 3 bed 3 bath 1400 sq ft. 7000 sq ft lot.in an overall nice neighborhood.  All houses build within 5 years of each other.  Looks to need a full advanced cosmetic work done. (new floors, paint, appliances, light fixtures, new cabinets/countertops, replace all doors, possible a couple windows,gut of all 3 bathrooms probably new ac and heater, new 12x12 deck, sod installed and yard work done.Possible some plumbing issues (leak)in one of the bathrooms.

House is listed at 114,000.  The closest comparable comps in the area were around that 150,000-160,000 range. Nothing higher than 160,000. All were in pretty good shape, but none were updated.  

1) So since mine would obviously be the most updated and nicest in the neighborhood could I justify listing it higher say 180,000-190,000 range?

2)Based on my description how much money do you think I need to put into it.  Yes I know it is tough to estimate without seeing it or knowing the area but im just looking for an estimate.  I will be hiring out most of the work. Not going to use high end material no granite, no hardwood, maybe some tile in bathrooms.  I am estimating  $35,000- $40,000.

3)What would be a good first offer?  $89,000.  With approx $40,000 in rehab costs and approx $20,000 carrying cost.  If you don't think I can get above $160,000 fully rehabbed.I would need to get it for at max $85,000.  Do you think it could go that low with a list of 114,000? Now if I could get 190,000 out of it then that 114,000 list would be justifiable

Any input thoughts is appreciated.  Thanks