Flip or Flop?! Analyzing for my first flip!

[Mike Greenwood]

Hey BP!

I live in the southeastern Wisconsin area and I am looking to do a flip property as my first deal. Ideally it would be a live-in flip since I am currently renting for another 10 months and I can do most of the work myself...I am analyzing deals so when the time comes I can have something lined up to move into when my lease ends. However I am chopping at the bit to get started and may consider searching for a partner or other investor to tag team a deal with. That way I can begin sooner rather than later. 

Anyways...Here is a deal I found. What do you guys think? For the ARV I simply looked at the surrounding properties which ranged from low 200's to high 500's and did an average (not sure if there is a better way) The Max Allowable offer is slightly above the asking price, essentially making this a good deal.

I also need practice evaluating the repairs needed. Based off the pictures, I went with an updated Kitchen, bathrooms, new flooring, paint, and some updates in the basement. Does anyone know or have some good advice for accurately calculating the repair breakdown?

Any advice the BP community can provide will be greatly appreciated!

Thanks! 

-Mike

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*This link comes directly from our calculators, based on information input by the member who posted.

[Brian Pulaski]

Your ARV calculation of simply taking $200k and $500k houses and averaging them is very incorrect. You need to get real comparables and find out what the house is actually worth. There are lots of threads about researching a homes ARV. Basically find close houses, with similar bed/bath count, SF and amenities that have sold within the past 6 months (sometimes you can go to 12 months) and figure out how your home compares.