Deal or No Deal??

[Robert Shadley]

OK this post is more out of frustration of our local and I guess my inexperience (only a couple flips under my belt) than anything but I would like some help with the analysis..

I got a tip from a friend that knows a couple that had a property in a nearby town that they intended to flip (but never finished).  He got a big promotion and has to move the family out of state ASAP, so they need to dump the house.  Its structurally sound and stripped down to the studs.   I called them up and they said they would let it go for $6,500!

I'm thinking home run until I ran the comps.

First-  The market is still terribly stagnant in our rural area.  Comps 65K-100K (None completely remodeled)

Numbers

1600 Sq/ft  3-2

Purchase-  6.5K

Remodel-   60K

Additional- 9.5K

TOTAL-      74.5K

At this price I would need to get at least 100K for it which is at the top of the comps.  It is extremely frustrating to be able to find a deal like this and still not be able to feel confident in the flip.  What do you guys think?

Thanks

Rob