First flip? I don't know...

[Andrew Faukner]

First of all, my wife and I have had a few rentals for decades, so I am somewhat familiar with some rehabbing. Since I retired last June from teaching, I decided I was ready to try a flip. I just found the proverbial "stinky house", (yes, it does really stink inside). It is owned by an out of town 95 year old. The house was section 8 when the property manager died, and the tenants kept living in the house without paying rent. Reports say they were living in the house with several pets, including a pot-bellied pig. I think we can overcome the smell by removing the nasty carpet, and priming everything with KILZ primer. What really worries me is what I can't see. For example, the floor seems a little "spongy" as I walk around, almost like being in a mobile home.  The fiberglass tub has a crack in the floor. Were they using it while they were living there, or did they do it on their way out? The house is not on the market yet, but they will have an asking price of $179,000. My agent, who is also the listing agent thinks they will come down to $150,000. Not having done a flip before, my budget looks like $53,000 for rehabbing. I know there are going to be surprises. I found 12 comps on Zillow for the last year, but the average price per sf. would bring this to $207,000. I think I can get closer to $230,000. I don't know,  I feel like I'm just rambling here. Did everyone feel like this for your first flip?