21 Year Old Contemplating First Flip (South Jersey)

[Clenvic Cayme]

Hey guys,

I've been listening to BiggerPockets for a year and a half now, and I'm trying to stop by analysis paralysis and look for some good deals.

I'm only 21 but I'm a real estate agent and mortgage broker, so I have some experience in real estate but haven't done any REI. I've found this house in a good part of my county. It's a 2700 sq ft house, 4 BR, 3 bath, for ~$155000. I've looked at comparables and they are around the ~$230k to ~250k range. I looked at the house yesterday and it seems basically fine, just cosmetic issues. I'm thinking new paint, new flooring, change some bath room fixtures, and appliances. Maybe, if I'm unlucky a new roof/AC Unit, still need an inspection. I estimate repairs to be around $25,000, but I could be way off.

I've crunched some numbers and here is what I've got so far. If you guys with more experience could tell me if I'm headed in the right direction. 

P.S: (7% is kind've an arbitrary interest rate, I think it'll be more 5% but I wanted to raise it to be more conservative, I've also left a year of holding costs just in case things go badly and I can't sell it for a while.)

Purchase Price: $145000

Down Payment: $29000 (20%)

Loan Amount: $116,000 (80%)

Interest Rate: 7%

PI: (772.75)

PI for 1 Year: $9261

Insurance: ~$1800?

Taxes: $7253

Total PITI Per Year: 9261+7253+1800= $18314

Closing Costs: $12.000

Renovations: $~25,000

Total Costs: ($18314+$12,000+$25000)

Purchase Price + Cost: 55314

Estimated Sale Amount: ~$245000

(-145,000)

(-55314)

Profit: ~$44686

I'm thinking of either doing this flip with myself/family then selling it to a client, or wholesaling it to an investor that I know.

All criticism is appreciated.

Thanks!