Is this deal worth pursuing?

[Kevin DuBose]

Hey guys, long time reader, first-time poster.

I'm pretty new to the real estate game and trying to overcome the analysis paralysis and make some moves.

A property just became available in the Atlanta area in the upcoming neighborhood of Woodstock. It's partially demoed and needs almost a full gut job. Estimated repairs are around $65k but that's probably on the high side and only determined from pictures. Going to look at the property this afternoon after work.

These are the numbers I've come up with and would greatly appreciate some feedback to ensure I'm on the right track. The list price is significantly too high. Other properties in the area that are not renovated are selling for about the same price, but they're in liveable condition. This property is not.

Before we get into the numbers, I do realize that BP has the calculator tool, which is very helpful. I just want to know how to do the numbers myself as well.

List price: $185k

Est repairs: $65k

ARV: $245k

I will probably be funding this deal with hard money and then using a private money gap funder.

Considering I would be paying 10-12% to the hard money lender and then 20-25% to the private lender, what is the best way to calculate the maximum purchase price I could pay for the property? 

Assuming an LTV of 70% from the hard money lender, they would loan me a max of $171,500, which, if that was my only lender, would only allow me about a $90-95k purchase price.

As an outside person, how would you analyze this deal?

Thanks in advance for any feedback!