Need help from Indianapolis Investors

[Cheryl P.]

I am interested in a 3 bed/1 bath 2139 sq ft all brick ranch property in the Millersville 46205 area in Indianapolis, it is an REO with an asking price of $52k. Here are my rough estimates as I have not walked the property, this will be fix/flip. It has well/septic. Finding sale comps in Indy that are 1 mile or less away from target in last six months is challenge.

Purchase Price: $52k

Repair Estimate: $40k  

Projected holding time: Max 90 days or less

Comps: 

1. 3/2 sold Feb 2015 for $135,000 (0.4 miles away) 

2. 3/2 sold June 2015 for $199,900 (1.1 miles away)

3. 3/2 sold May 2015 for $189,900 (1.7 miles away)

ARV: $174,993 - $30,000 required profit = $144,933 - $40,000 rehab = $104,933 - $20,880 realtor/holding/points/closing = $84,053 MAO ($32,053 below asking price)

Below is a conservative ARV based on $164k median home values in Millersville:

ARV: $155,000 - $30,000 required profit = $125,000 - $40,000 rehab = $85,000 - $20,880 = $64,120 MAO ($12,120 below asking price)

Any advise/insight would be appreciated.