First potential flip

[Skyler Harris]

What’s up y’all. I came across a house that’s a for sale by owner 3/2 started out asking for 210K then drastically went down to 175K. After getting inside and calling owners it’s 1300sqft and completely gutted; floor, walls, ceiling, counters, cabinets. Owner admits they began to renovate then suddenly had to bail now looking to sell. Houses around area are 260-280 range. Now I’ve never done a flip so have a few questions. My goal would be to flip. After closing/down payment. I’d have around 16K in my name. So questions are, something of this size to renovate and ready to sell baring no need for severe fixing would be around 60K range? I’ve heard before that labor costs via contract is typically 3x what materials are. Does that sound about right? I know contracting plays a big part in it. But is it crazy to think I could get all flooring done with the 16K I have already saved up, and have some left over? Thanks in advance for anyone that responds.