ARV & Profit Confusion on a Tax Deed/Wholesale Deal

[Shanai Rogers]

Hello everyone! I am calculating the ARV & profit on a property and would like to know if I am doing this wrong? This example is as if a property was in a tax deed auction & I bid and won for the purposes of wholesaling it & selling it to an investor who plans on flipping it her or himself:

Purchase Price opening bid $3,626.47

winning bid: $10,000.00

ARV $410,700.00

Discount x 70%

___________________________

$287,490

Repairs -$20,000

___________________________

Max Allowable Offer (MAO) $267,490

Profit $257,490

Comparables:

1st: $415,000

2nd: $410,000

3rd: 407,100 

I feel as though I am doing something wrong. I am of course assuming that the winning bid is $10K which most likely won't be that low with an ARV this high but it seems wayyy too good to be true? These are actual number of a property at a tax deed auction coming up but I am using this for a mock analysis to attach to my business plan so If anyone has any pointers please let me know, thank you!