1st Flip - under contract, inspection ends Friday - Help!!!

[Andrew Yanowitz]

Hello all, 

Newbie to bigger pockets making a jump into my first flip. First a little bit about me, I am a licensed general contractor with over 10 years of experience working on mostly commercial projects, I have done about 20 residential projects over the years as well. My wife is a real estate broker who owns her own company as well. We are currently under contract to purchase a 2/2 in east Hollywood FL.  See the Zillow link for the property below; interior is only 2,000 sq. ft not 2,556 (2,556 includes the garage)

https://www.zillow.com/homedetails/600-N-13th-Ave-...

Work for this house would include turning it into a 3/3 while leaving the existing 2 car garage, 3 brand new bathrooms, remove the wall separating the kitchen from family room, refinish and/or replace kitchen cabinets (countertops will be reused), replace all exterior doors and windows with new impact glass, new HVAC system with duct work, minor electrical (high hats, new fixtures, inspection repairs), paint, new casing/baseboard, and maybe new interior doors. 

I have also listed below my report from bigger pocket calculator on my return for the flip. Numbers are based on list price of $575,000 but i would list at $599,000

https://bp-v-newproduction.s3.amazonaws.com/upload...

Since I am in the construction business these numbers are realistic and I would hope to complete the job at a lower cost. 

I have a few concerns/fears (my inspection period expires on Friday so I need to make a decisions ASAP) 

1) The street, 13th Ave is a cross street that people cut thru. It is not a highway or a major traffic street by any means but residence cut thru this street to cross Hollywood Blvd at the traffic light on 13th Ave. (not the busiest street but not the quietest) Will the street dramatically reduce our cost per sq. ft even if we are the best of the best on the market at that time?

2) This house is on a corner lot with exposure to 13th ave, house would have a side yard and not a backyard. Is this a problem for people with kids? Homeowners in general? All houses on these Avenues have side yards and they all trade. Example if the kids are playing in the backyard you would not be able to see them from inside the house (unless u were in the 3rd bedroom) 

3) ARV price, not so concerned with this because people will pay top dollar for a turn key product. Currently comps are tough because we don't have a true turn key comp to compare ours too. Have other investors gone into flips expecting to sell for the highest comp in the neighborhood or is this a bad strategy? We wont be highest priced in area BTW, you can check other listing on Zillow. My $599,000 listing price isn't outrageous for the area just want it to sell quickly.

4) Multiple houses are for sale in the neighborhood. Most have been sitting on market because they are over priced and need major upgrades. Are these lower priced, outdated, old listing going to be an issue for me when people begin looking at my property? 

My gut is telling me to proceed on this property as I believe we are buying at a really good price. First time flipper here maybe getting a little cold feet. Help me analysis this deal and talk me thru my concerns and let me know what I haven't considered yet. 

Thanks so much in advance for all your help and responses. I wouldn't even be under contract trying to flip this house if it wasn't for finding bigger pockets!!

Thanks

Drew