First post & flip property

[Jesse Law]

Hello, I’m just getting started in my education in real estate investing. This is my first post so go easy on me.

I’m looking at doing a local flip in Lakeland, FL with my wife. We are bringing in her friend that is an agent to possibly provide private money to cover the down payment and her other friend to help estimate the rehab costs. We were introduced to this property as a potential flip by her other friend that invests in real estate.

The property:

Purchase Price - $55k

3bd/1ba (incorrectly zoned as a 3bd/2ba - is this common?)

931 sqft

Year built: 1961

Lot size: 0.1 acres

I did my first ever Comp analysis and found that the avg of the 3 surrounding homes are selling for around $70k. However, most of these are 3bd/2ba.

The surrounding recently sold comps avg’d around $140k for a 3bd/1ba in the last 1-2 months.

I plan to tour the property this Saturday with the broker. I will get pics/videos to see what rehab needs to be done. I'm assuming an ARV of $140k. Please tell me what you think! I'm definitely nervous to begin this journey.