First Fix and Flip Under Contract - Need Advice on Renegotiation

[Jarryd Dalfino]

I've recently put a 2,888 square foot house in Seffner, Florida under contract for $150,000.00. I've gone through an inspection and consulted with a contractor, and frankly the property needs more work than originally expected. I feel a price renegotiation will be necessary. A conservative ARV is $230,000.00. Max ARV I believe due to location is $260,000.00. I expect the rehab to cost between $70-90k depending on quality of materials.

Thoughts on a target renegotiation price? Due to the large scale of the rehab, may it be best to renegotiate and wholesale the deal to a full time fix and flipper? Any input will be helpful.