Would you consider this flip?

[Bryce Till]

Last week I placed an offer on my first fix-in-flip on a condo. I would like to get everyone's opinion on this deal and whether they would be interested. This will be my first flip. I would appreciate any guidance or tips.

Background: Last July I bought a condo for 245,000 in a downtown highrise. My unit was updated and had a open concept layout. The offer I have placed is for a unit with the exact original layout as the unit I own. My unit number is 502 the unit number Im trying to buy is 1102. Both units are 1300 sq ft, two bed/two bath. The flip unit will need a complete rehab. I asked my previous owners how much the rehab of my unit was and they said between 30 to 40k

The Deal:

Offer $180,000

Rehab costs $40,000

HOA $450

comp price $245,000 (lowest end)

5% to agent/closing $12,250

HOA Expenes $2000

Low End Profit $10,750

Rehab details: Complete gut and rehab.

1300 sq ft of new flooring

Taking down two kitchen walls for open concept layout

Complete new kitchen

2x Complete new baths

Here are the recent comps for the same exact "02" units in the building.

Unit # Price

2002 - $245,000

1902 - $245,000

1702 - $339,000

1102 - $299,999

302 - $245,000

Considering the above comps I think the place might even go for $260k. These condos do tend to have a long listing life which is my main concern. Some units go for outrages prices (1702 went for $340) and others seem to sit on the listing for a while. I believe the open concept layout has the most influence on moving the property.

To the experienced flipper what do you think of this deal?

What is everyone's favorite resource to estimate rehab costs?

Thanks,

Bryce