What do you think about this deal?

[Reggie Wright]

I've come across a potential deal and I would value the opinion of experienced real estate investors. 

I'm going to visit the property with a few contractors to get an estimate of the cost. 

My exit strategy is to wholesale to a flipper. 

I'm looking for any general advice on what to look out for. 

Details:

Asking $45k

3bd/2ba

$8k mortgage

Will be an extensive rehab 

[Reggie Wright]

An update for the folks who took the time to reply:

The contractor estimated the repair cost to be $48000

This made my MAO $11300

I called the seller...and the house was already sold. Someone offered $38k cash. 

It was a good practice run, plus I learned I've got to be faster next time.