First flip officially under contract! Need help with numbers

[Jake Recz]

Hello BP,

Long story short I have my first flip under contract. It's in a flood zone. I'm buying it cash, and I'm probably going to use a personal loan to fund the repairs. Anyway I would greatly appreciate it if you could look over my plan and the numbers. 

The property is a REO from Wells Fargo. Single family. It has 3 bedrooms and 1 bathroom. Two floors with a basement and a huge attic (can be made into two bedrooms). Two car detached garage. Sits on a 100x100 lot. Located in Manville, NJ. It sits higher than other properties in the area. Still, it was flooded back in 2011 and 2012. The whole basement was under water and the first floor had 16 inches. The previous owner started the repairs and managed to fix:
-Walls on the first floor
-New boiler
-New furnace (steam heat)
-Bathroom ok
-New electrical panel

Since I will be doing all the work myself, I'm estimating around $12,000 for the repairs. The property really does not need that much work. Off the top of my head it needs:
-Kitchen 
-Appliances
-Flooring on all of first floor
-Paint
-TLC in bathroom
-New carpets on second floor
-Light plumbing
-New windows in basement

I will hopefully have it inspected by the end of the weekend. General home inspection, oil tank sweep, mold inspection.

Purchase price is: $46,000
Rehab cost: $12,000
Taxes: $7,200/ year
Flood Ins: $200/ month (structure only)
Homeowners Ins: $70/ month

Holding costs add up to be around $870/ month plus electrical, gas, water, sewer.

Overall the property appears to be in good condition and it does not need a lot of work. The goal is to flip it. Just recently a house two streets down, also in a flood zone, sitting much lower than this one, sold for $155,000. It was a smaller house with a yard half smaller and it was only two stories. Being very conservative and planning on doing quality work I'm estimating the ARV on this property to be around $120,000 on the low end. It's a complete shot in the dark. I do plan on getting an appraisal done and getting a better feel for the market through talking to the person doing it. I drove this neighborhood back and forth 100 times by now and it's very safe, quiet, and besides being in the flood zone there is honestly nothing wrong with the area. Below I will attach a screenshot from the house flipping calculator so you can take a look at the numbers and see if they make sense. I must say... They seem too good to be true.

Also, I had to sign an "Owner Occupancy Certificate" even though I'm paying cash. Still working on that issue. Will post another thread in the right forum. No big deal, I can live a this property for one year to satisfy the sellers requirements if need be. Again being conservative I based the numbers on a "flip" that I will hold for 365 days. 

I'm looking for any and all feedback. I know there is things I forgot to think about. I would greatly appreciate if somebody could point those out to me. I'm just a new kid trying to do that first flip, make some money, and not make too many silly mistakes. Thank you in advance for your help!