Potential Flip Analysis - Advice/Thoughts?

[Eric DeVito]

Just used the Fix & Flip Calculator, plugged in some numbers. Tried to get the comps, very few to comps to chose from. Home is Bank Owned/Foreclosure, in a bad part of town if that matters or not. Pretty much needs total rehab from the looks of some photos. Have not seen it in person.

4 Bed/ 2 Bath - Single Family 2 story Home

Bank Asking: $90,000

ARV: I came up with an ARV of $222,000, but I put it as $180,000 in the Calculator, I am being very conservative.

70% Rule: $180,000x0.7 = $126,000

Repairs: $40,000

Purchase Price: $86,000

Holding Cost Per Month: $735.33

Closing Cost: $3,000

Total Days Held: 120 Days

Total Projected Pre-Tax Profit = $36,000.55

ROI = 56.83%

Total Cost of Project = $129,000

Total Monthly Expenses = $735.33 (Includes Mortgage Payment)

Down Payment = 20% = $17,000 @ a 3.8 Interest Rate for 30 yrs.

This is what I have, not sure if you need anything else. Seems like a good deal on paper, but I don't know if it is too good to be true and like I said perhaps the rehab cost might be more, but I was very conservative with the ARV. Thoughts/Opinions much appreciated. First time fooling around with the Calculator.