Green light our first flip!

[Glenn Espinosa]

My girlfriend and I are about to jump in on our first flip and was hoping to get the green light from people here.

We've been searching for rental properties mainly but happened upon a foreclosure that came up for sale just 2 days ago.

It's a 1100 square foot 4/1.5 situated in a mediocre-good neighborhood. The street it is on is good with a lot of renovated and new construction homes.

While looking at it late last night our realtor found out from the listing agent that there is another offer that came in that day, the listing agent hadn't ran it buy the bank yet, however and will be doing so this afternoon. Ideally we want our offer to come in at the same time...

The house is listed at $29,900, appraised at 108k.
We would come in with 17k cash and take out a 15k personal loan or line of credit (we want to offer $31,500 considering there is another offer?)

The house is really not in bad shape from our first look. Thinking about new drywall, new floors, kitchen remodel and other cosmetic work. We'd do some of the labor (demo, we can lay down flooring) and contract the rest. Rough estimate looks at 15-18k renovation tops.

We'd hope to list the house for 100k. Comps in the area:
6/28/10: 128k for a 3/1 903 sq ft renovated home 1 block down

5/27/10: 81k for a 2/1 672 sq ft renovated home 1 block down

7/23/10: 94.8k for a 2/1.5 700 sq ft total renovation 2 blocks down

10/04/10: 96k for a 4/2 1400 sq ft not renovated .2 miles down

7/2/10: 121k for a 3/1 1100 sq ft .1 miles down

Thoughts?