BRRR or Flip on SFR in nice neighborhood

[Marvin Miller]

Just bought a house for $40,000 cash.

In a nicer neighborhood across the street from middle School.

Needs a lot of work.My realtor and I think fully rehabbed and add a garage and landscaping ($93,000 rehab cost) it will fetch $225,000 less his commission to sell it.

To get it rentable/livable ($55,000 rehab cost).I think it will appraise at $150,000 to $170,000 and rent for $1500+ a month based on comps.

This is my first property.I originally thought my plan was to buy and hold but not sure now.My first hunch is that the expense and time to get top dollar as a flip,is not worth it as I could get it livable and rent it out and move to the next one quicker.

Any thoughts or success/failure stories from either perspective are welcome.

Thanks in advance .