What is a good deal on a Flip in today's market?

[Christian Marin]

As a local wholesaler in Orlando I'm starting to notice that the discount price on homes keeps getting smaller and smaller. Even though Orlando has one of the highest inventory in foreclosures it seems like the banks still want almost market value for the homes even if they need a heavy rehab. The days of buying a home for under $100k and flipping it for a huge profit are long gone and my buyer's are taking smaller profits. 

So my question is what kind of return on a flip do you expect in today's market? Is there a formula that you use? I know about the 70% rule and it was a great rule but it is extremely hard to use it in 2015.