Analysis of Foreclosure Flip - First Deal!

[Aaron Anderson]

Hey everyone! My wife and I have been looking for a new Primary Residence to do a live and flip over the course of 1-2 years (Don't have the cash to flip super quickly).  A foreclosure has come up that I have run the numbers for and, for the good of the BP community, I'm sharing my personal analysis and welcoming any reality checks or past experiences to see how accurate this is.

To start, this home is a total blank slate: No floors, no paint, bathrooms need new showers, kitchen needs appliances. Structure seems solid and there are no obvious irreversible repairs.

Here are the details:

1526 Sq Ft.  -  2/2 with 4 rooms total

4 Acre Lot 30min from Murfreesboro and Franklin, 45 min to Nashville

I've run 4 different Market Analyses and this is what I'm come up with:

2015 Tax Appraisal	$130,600
CRS House Price Index	$142,971
Manual CMA	$141,918
CMA Past 24 Months	$160,230
Average Comps	$143,929

I'm not factoring in ANY appreciation.

From this deal, I am aiming for 75% ARV, which gives me $107,946 as the total amount I want to put into this deal. Below are the potential repairs and additions.

Repairs Needed:
Flooring - Vinyl Wood 1200 sq ft	$1,200
Floor Underlayment	$260
Floor - Tile 350 sq ft	$580
Flooring Adhesive	$200
Floor Trim	$435
Paint All Walls	$450
Bath/Shower Remodel (2)	$1,400
Oven	$800
Dishwasher	$530
Microwave	$150
Washer/Dryer	$600
Refrigerator	$1,300
Crown Molding	$350
Concrete Driveway	$2,500
Surprises	$2,000
Expected Repairs	$12,755
Closing Costs
Broker Commision	$1,000
Broker Admin Fee	$250
Title and Transfer Fees	$500
Misc Expenses	$250
Total Buying Costs	$2,000

75% ARV	$107,946
Minus Expenses	$14,755
MAX OFFER	$93,191

First off, did I do these number right?  Did I factor in all of the needed repairs and expenses?  Any and all advice is welcome!

Thanks a ton!

[Wayne Brooks]

Most of your expenses, that I'm familiar with, all seem low, even though you're doing them yourself.  I would add at least 50%.  Can you buy this house cash?  If not, make sure the property is financable in it's current condition (appliances are Not required).