real example house flip analysis

[Matt Dabek]

So...

I want to try to analyze the flip of the house that I found to see if I'm missing anything.

There it goes:

This is the house

http://www.realtor.com/realestateandhomes-detail/2...

it is under deposit not by me.

Zillow price history:

http://www.zillow.com/homedetails/23-Kent-Ct-Middl...

Zillow comps: (I checked, It's pretty accurate)

http://www.zillow.com/homes/for_sale/58853980_zpid...

Target selling price $160000

Purchase price $60000 ( I would use HELOC cash from my primary residence for purchase and rehab)

closing cost 3%  ~$2000

estimated rehab cost $50000 (I'm contractor so I should be pretty close on that. High end finishes - granite, porcelain tiles, stainless steel appliances, new deck. Roof and siding need only cleaning)

holding cost 2 months rehab + 2 months for selling ~$2000

closing cost on selling ~6% so $9600

total:

$160000 - $124000 = $34000

Of course I would have to pay tax on that 34000 (how much would that be?)

Am I missing anything? Or maybe I'm wrong about something?

I will appreciate any hints and responses.

Matt