Flip analysis in Modesto area

[Jason Moran]

Ok here's the math. 1555sf SFH 3/2 with detached alley access garage in the Central Valley. Sellers just want to walk away and taking $275K with a current market analysis that I trust of 359K. I've budgeted 20K in repairs and upgrades, plus 9K in closing costs and fees. Holding costs of 5K and a rehab time of 60 days. Wife is a realtor so only 2.5% to buyers agent on the resale end. What am I missing? Not an huge, get rich quick payday, but still profitable?