Lockwood neighborhood, have a deal but need help

[Account Closed]

Hey all, I have a good deal in an awesome neighborhood. Thing is I may have bitten of more than I can chew. I have a nice deal even though the profit margin is slim (24k) but, being a new-ish investor (1 flip, wholesale and J.V project) I'm willing to work it. However, there are homes on the same street and neighboring roads ranging from 290k - 340k. Comps are awesome literally same street, 15 houses down, and a week ago for 320's. Thing is I would have to add square footage on to the property and I've never done this before. 

I'm just looking for general advice and guidance. Should I stick to the basic renovation conservative project or explore the alternative. Where would I begin?