How to comp and know its a deal

[Chris Gawlik]

Im very new and would like to know if im doing the math rite. I realize that this is just the basics and there are many different scenarios and areas that mite change this math and make it improper to use, but am i even getting the basic math down on searching for deals. This is what i have been taught so far on how to find deals to make an average 20k profit from each deal. Im searching for 3/2 SFR's and am finding 5 good comps at least 3. Once i think i have found my comp sales price i multiply 11.25% of my comped price for closing cost, sales commissions, marketing, and escrow fees. Subtract that number from my comped price. Take a look at the place and estimate or get estimates on rehab. Then subtract this number from (comped price * 11.25%) and if i don't have a 20k spread there or profit margin i readjust my offer or walk away. Is my math wrong here keep in mind this is just the basics. I also understand that you guys may get better deals / fees waived ect. but im very new and don't get those cheaper commissions or fees waived yet. Any help here or advice on a different way or how you do it would be really great. Thnx for your time.