Would you do this deal?

[Charlie MacPherson]

I'm a new Realtor and want to dip my toes into the world of flips.  I've identified a property and have talked about it with two potential buyers.  One has said there's not enough profit. The other may present an offer - at least I'll earn a commission.  

But I'd rather flip it myself - if I can figure out how to do it without any of my own money.

Here's the overview:

- The sellers are not in any hurry to sell, nor do they need the money.
- 30 miles South of Boston MA, 1250 SF 4 bed 2 bath cape, built in 1950 and never updated. 15.6K square foot lot.
- 0.2 miles to beach but not in a flood zone.  No water views.
- Exterior is a disaster.  Needs new roof, shingles, trim, deck and chimney.
- Purchase price $310K. ARV between $425K and $440K, depending on finishes and appliance selection. Based on the modest style of the home, I'm leaning more toward Home Depot appliances and finishes than luxury.
- Renovation includes making two 1st floor beds into a large master with an ensuite and expanding 2nd floor bath, plus paint, carpets, etc.

- Prospect #1's contractor's estimate is $60K.  I later ran it by a local hard money lender who after a quick look at the property says $73K.  Both include a $5K cushion.  I split the difference between the two estimates.

Here's how I see it using a 15% interest rate, carried for 4 months:

Acquisition $310K

Repairs $65K

Taxes $1400

Insurance $2000

Interest $18750

Commission $21,750

Closing $5000

TOTAL COSTS $423,900

ARV $435,000

Note that one of the Prospect #1 has a lender who will charge no interest and split profits 50/50.  That's $18750 that drops to the bottom line for a $29,850 net that they would split.  

The other potential buyer - or potentially me if I can figure out how to finance it - would expect to pay hard money rates.

So I'm hoping for a little guidance here.  Would you do a deal with these numbers, or is there just not enough profit?

Thanks VERY much for any advice!