Wholesaling for Flippers vs Holders

[James Danchus]

BP,

So I ran across something that got me thinking yesterday while making offers. Maybe someone can give me some guidance. 

Let's say that I have a property with an ARV of $100K that needs $25K worth of work. Let's also assume the buyer is flipping this and wants a profit of $20K and I want a $10K assignment fee. My maximum offer should look like this, right?

$100K (ARV)-$25K (rehab cost)-$20K (profit)-$10K (AF)= $45K (max offer)

Ok, my question is what changes about this equation (if anything) if I am not selling to a flipper? Specifically, what happens to the profit? How do I account for buy and hold when I am trying to figure out what my max offer should be?