Too Crazy For a First Deal???

[Robert Parks]

I found an end unit town home, that is in need of a total rehab (it just hit the market this week). It had a pipe burst (already repaired, so they say) in the 2nd floor bathroom and there is mold, more than likely black mold throughout.

It has already been stripped down to the subfloor and studs on the walls & ceilings. (thanks for reducing my demo costs). It is a bank owned property, asking 50k. I estimate 45,000 to bring it back to life. Houses on the same block have been selling for 155-165k in the last year. Taxes are 1600 a year and no HOA. This would be an all cash deal, thinking of offering 40k and seeing what the bank says.

My other half thinks its too big of a project to take on for our first flip. I'm all for it. Any suggestions/tips to get her onboard? Has anyone else done a full gut on their first deal?