Fix and Flip Idaho but I have no idea what I am doing!

[Thomas Allt]

Hello, Fellow Biggers!

I am new, there is no getting around that. Where I live there is a house for sale. From the pictures and description, the house is basically gutted. They are asking 80k for the house. For me, it makes more sense around 70k. ( I Think) I was figuring the rehab would be around 40k. That estimate is figuring that house is basically structurally sound. Most of the work done by a contractor and me doing what I can around the property to get it ready. ARV I pin it at $160,000. I would like to use Hard Money on the project and focus on getting it done ASAP and on market. The property is out-of-town a little and the little community there is nice. Should not have a problem selling it. Would like to keep profit after $20k-$30k.

Questions I am after:

1.  Inside need serious work. Am I low balling too much even guess?

2. What are some more areas I need to consider? 

[J Scott]

if it's gutted and this is your first project, that estimate is likely too low.