Advice on this Deal

[Account Closed]

I've made an offer and it was accepted but contract has not been signed yet. The house did suffer some water damage during the recent Houston floods. I don't see much damage. About 17 inches of drywall has already been removed from the bottom from the entire house. The house is 1635sqft. I don't see any warping or damage to the cabinets or doors. Other than the drywall I didn't see anything else and owner didn't point out anything else. Tile though out the entire house. No inspection has been done yet. I'm guessing rehab cost of about $5k

So here was my offer: I offered $110k plus closing (no agent, not listed). ARV is $140k. Is this a good offer to start with? Can this be a good deal? Looking at possible flipping.

[Jerry Ta]

I probably wouldn't purchase it due to the flooding. Is your ARV based on comps after the flood?