[Calc Review] Help me analyze this Houston deal w 1 Mil Profit

[Geoffrey Jones]

Hey everyone this is the details of a new deal that I have. l'm not a novice at investing so i know more than the average Joe. However, now that I'm raking up and scaling my business to higher levels I want to be even extra careful doing bigger deals. As I have gone through so many pitfalls while investing I realize that there is no way for me to know what could happen. I have a new deal under contract as we speak. It looks to be about $1000000 in profit. However this requires tearing down the home and building a luxury home.

I am buying this property the $900000. 

Through research I can see that it will cost about $500000 to put up a new home and it will take about 6 months. 

Teardown costs will be 22000 again all based on estimations.

ARV or value of the home will be about $2,500,000.

Looking at the comps it seems properties at this price sell very well in the neighborhood.

What do you think of this deal?

Is my ARV correct?

Am I buying at the right price?

Is it worth waiting 6 months for this project?

Is this a good neighborhood to flip?

Are there any good contractors that can pull this off and on time?

Are there any cash buyers in Houston doing Million dollar deals? Most buyers Ive seen are in the 100000 - 300000 buy range. If I were to decide to offload to another investor would this be possible at this price range.

Is there anyone out there that does million dollar flips in Houston???

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