[Calc Review] Help me analyze this deal. First attempt at a flip.

[Kay Fakunle]

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

Hello Group,

need some help analyzing my first flip attempt. Ive done a number of buy and holds at much lower price range and now have an opportunity for a flip. Here are the facts,

- Property is listed at $400k

- ive been told the seller wont accept anything less than $350k 

- Has about $35k worth of work by my estimate 

- Plan to add new bedroom and bath in basement, 

- update kitchen cabinets and appliances 

- Update 2 bathrooms 

- almost all flooring 

- Paint all interior 

- waterproof 1 wall in basement 

Really need some help validating my numbers. Its just surprising how little profit is in the deal

[Tim Herman]

@Kay Fakunle You must be using WAG numbers(Wild A** Guess). No way can you add a bedroom and bathroom in a basement for $28000, maybe $40000. New flooring @ $5 a sf installed would $6000 for 1200sf. If you sell on the MLS your cost will be more in the range of 6% not the 3% you have. This is not a flip.