Hello everyone. First Deal requires advice

[Woodrow Carpenter]

Hello everyone. I joined in April and have finally put together my first deal. Please respond with your thoughts. Here it is. 3br 1 ba ranch just over the bridge to a popular Seaside community on Jersey coast. Purchase price 215K Appraisal and inflated purchase price 285K. Bank loan 238K. Seller take back 20K. Seller 2 yr no payment/interest loan 20 K. Realize 48K at closing . House is in bad condition. Add 2nd story and rehab lower level with the 48K. Into property for 268K total. Sell by Jan 03 for 335. Profit is 67K. Sounds great right ? What am I not seeing? Please advise. Thanks, Chip.