Buy and Hold or Flip

[William Ware]

Would you buy and hold as a rental or flip?
4/2/2
1700'
1960's brick construction
New roof 2001
Current mortgage $122K @6%
possible able to assume
Appraised April 2010 $155k
Recent sold Comps $135k from non MLS
Next door 3/2/2 all updated listed at $165k
Rents $1100-$1200
Taxes $1800
Good bones no major damage
If I decide to rent 8-10K in rehab (carpet/paint)
Flip rough est..15-20k

Seller is very motivated and is selling FSBO.
Right now willing to sell at $110k
Excellent neighborhood with top schools plus near a major university.