Is This a Good First-Time Deal?

[Kathryn Tooles]

Hello BP!

I am working on my first deal and have something really interesting on the table. Here are the specs:

2 bd/ 1 bth

1,050 sq ft

$143,000 asking price

$70,000 repairs

$300,000 ARV

This deal comes with pre-approved build plans and permits which will add square footage to make this a 3/2. It's quite a big undertaking for the first deal but knowing there are already plans drawn makes me want to consider it. We have an experienced contractor/family friend ready to tackle this. Comps are close to $300k and a property on the same block is currently being renovated (almost double the sq footage) will be listed close to $600k. Thoughts on taking this on as a newbie? Any advice?