First Flip, Evaluating Rehab Costs

[Fraser Lawson]

Hey guys, I am potentially looking to do my first flip and I have found what I think is a very low cost good first deal. I have read up on how to estimate costs for rehab, but I can't find any similar listings in the area. This is the property I'm looking at:

http://www.zoopla.co.uk/for-sale/details/41933710#...

It needs a lot of work, but it's very small (37sqm) (approx 370sqft) and in a very good neighbourhood. I think that a rehabed property like this would sell for £100,000, and I am hoping to offer at around £40,000 as the market here is declining and it's been on the market for 3 months. 

It's basically a bedroom, kitchen and bathroom all renovated from scratch including new windows.

Any insight would be greatly appreciated! and if anyone is interested in investing in the UK, I can help!

Many thanks

Fraser