REO Listing Price

[Conor McDonald]

I am looking to purchase my first property to flip. I have a potential deal on an REO that I have been looking at. Here is my question. I have determined my ARV to be around 230k, its currently listed on MLS by the bank at 179k. I know it will require quite a bit of rehab, not sure because I haven't been in with a contractor yet, but my guess would be between 20 and 35K. Based on a conservative estimate I think my Max Purchase Price to be 147k. My question is, are listing prices on REO set in stone as the minimum offer the bank would accept? Is it worth it to make an offer near my MPP, or should I scratch it and start looking for a new deal? I'm a newbie looking to make my first flip, I appreciate any advice!