[Calc Review] Potential first flip

[Alex Wade]

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

I have an opportunity to buy this house for $183k from a wholesaler, 5% non refundable EM.  This would be my first, so a bit scared of course. I'd be the investor, and using a GC for the rehab. I entered desired profit as $30k but i'd settle for much less.

At first glance I felt like this looked like a good deal... maybe even great.   The plot twist that is that after agreeing on a price of $183k the wholesaler informs me we have a long close of June 7th.  My GC estimates 10-12 weeks on the project.  Puts us on the market in September, which is a whole lot different than hitting the market in July.  The comps I've pulled support the value of 310k and I feel good about that, and I entered a sales time of 6 months to compensate for hitting the market at a bad time.  

I just have a bad feeling in my gut because the wholesaler didn't make this clear up front.  Waited until I drove an hour and fifteen minutes one way to see the house, and negotiate a price.  

In a dream world I'd BRRRR but i'm in the Portland, OR MSA and I ran a calculation in the BRRRR Calc that made this look near impossible to be a good deal. Should I be concerned about that as another red flag? I COULD refi and rent should cover the mortgage but nothing else. Obviously not a good deal, which leaves me with only 1 good exit strategy.

I appreciate anyone who took the time to read this and respond!

-Alex