Rehabbing a burnt property

[Joel Orford]

Hello BP, I have a potential flip. However, it's a fire damaged property. Has 3 floors and I've estimated 90k- 120k on he repair cost. I could finance the building and repair cost into a 203k. Property listed on the market for 300k as is. Comps in the area average 1M. Its a Brownstone in a very trendy fast growing neighborhood. I know I would need to hire an experienced contractor that dealt with burnt properties in the past.

My question is as a new investor would this be a smart first flip or would the disadvantages out weigh the advantages so I should just forget it and move on?