burned out Atlanta Brick house

[Mike Watkins]

I have this deal that came in and it's a brick house that has burned down. The ARV is 60K conservatively as a 3/2. The only thing left(that's salvageable) is the brick and the foundation along with a garage in the back yard. I have it now with a partner at 7K. I plugged everything into the wholesaler calc and posted that info below. The one problem I see it that the repair cost is greater than the profit. There is a partial basement but I couldn't see it. I got the other pics because the door was missing from the side entrance.

Here is a link to the dropbox photos.

https://www.dropbox.com/sh/gie2hw3w8pknq3i/AADweiC...

What would you do?

Financial Breakdown

Purchase Costs

Purchase Price:	($7,422.50)
Purchase Closing Costs:	($0.00)
Total	($7,422.50)

Rehab Costs

Total Rehab Costs:	($30,000.00)
Total	($30,000.00)

Holding Costs

Monthly Holding Costs:	($385.00)
Total Days Held:	45
Total	($577.50)

Sales Costs

Sales Price After Fix Up (ARV):	$60,000.00
All Selling Closing Costs:	($2,000.00)
Real Estate Agent Fees:	($0.00)
Total	$58,000.00

Total Profit for Flip

$20,000.00

Estimated Repairs Exterior Repairs RoofN.A.

ConcreteN.A.

Gutters/Soffit/FasciaN.A.

GarageN.A.

SidingN.A.

LandscapingN.A.

Exterior PaintingN.A.

SepticN.A.

Decks/PorchesN.A.

FoundationN.A.

Interior Repairs DemoN.A.

SheetrockN.A.

PlumbingN.A.

CarpentryN.A.

ElectricalN.A.

Interior PaintingN.A.

HVACN.A.

Cabinets/CountertopsN.A.

FramingN.A.

FlooringN.A.

InsulationN.A.

TOTAL REPAIRS:$30,000.00

Return on Investment for Flip* 52.63%

Immediate

426.90%

Annualized

*Based on no loans or leverage

Flip Hypothetical Profit If Held For...

45 Days	90 Days	270 Days
$20,000.00	$19,422.50	$17,112.50