[Calc Review] Help me analyze this deal

[Keith W.]

View report

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

This Bank Owned property is listed at $150k. ARV is $346K. It will require complete renovation including down to the studs, reconfiguring the layout and adding a third-floor loft-style apartment. All major components are needed. HVAC, Electrical, Plumbing, Framing, Roof repairs, Flooring, Framing, etc. 

My contractor estimates the repairs at $200K. Since I know I can't get the property for free, as you can see in the report, I'm looking at offering $50K. (Almost free!)

I'm still wondering if its too much risk for the first time out.