How much or how little profit on a flip?

[Ian Tuttle]

I am looking at a house that will comp for $165-$175k.  The reno is about $33,000.  I placed a bid today for $110,000.  When I sell the home for $170k  I will make 20k.  The sale is a short sale.  The bank has pre-approved a sale for 150k.

Here is my question.  Is 20k to much?  I don't mind making 10k or even 5k.  Its more than what I had when I started.  I'd hate making any money because my offer is to low and won't be considered by the bank.  Part of the reason for 20k is in case I make a 10k mistake (something I didn't see was going to be a problem).