House flip priced at $312,000 with an ARV of $580,000...?

[Ben Valentin]

The financial partner I'm working with may not be able to put up this much capital, but a wholesaler I've been working with sent me this deal this morning to take a look at. I've looked at the numbers thousand times and it looks like an incredible deal, so I figured I would post it here to see if anyone thinks I'm missing something.

These are just numbers shown by the wholesaler -- He says all comps and estimates have been vetted with their contractors and realtors, but I have not physically looked at the property or verified these numbers for myself. 

This home is in Winter Park, FL

***The comparable homes below may differ in year built, but this home will be a newer home after renovations, and addition of square footage. The older comparable properties sold at a high price, even being built in the 1920's*****

BEDS : 2

YEAR BUILT : 1941

BATHS : 1

POOL : No

SQ. FT. : 936

TAXES : $ 3,328

REHAB SUMMARY

Interior Paint
Exterior Paint
Replace Roof
Misc. Cosmetics
Landscaping
Flooring
Appliances
Replace Air Handler
Replace Air Conditioner
Update Kitchen
Update Bathroom
Repair Plumbing
Electrical
Add Additional Square Footage
Add Extra Bedroom
Add Extra Bathroom

TOTAL REHAB: $ 115,000

INVESTMENT ANALYSIS :

$ 312,000	Purchase Price
$ 9,360	Closing Costs 1st (Est. 3%)
$ 115,000	Estimated Renovation Cost
$ 436,360	Total Acquisition Cost
$ 580,000	Projected ARV
$ 8,700	Closing Costs 2nd (Est. 1.5%)
$ 23,200	Less Commissions (Est. 4%)
$ 31,900	Holding Expenses (2nd Side)
$ 468,260	Total Expenses
$ 111,740	Net Profit
24 %	ROI

Let me know if I'm missing anything. To me it seems that I have $111,000 worth of mistakes to make before I lose money, which seems like a lot of margin for error. I could be wrong though, and this could be a terrible deal.