Analyzing A Deal-Am I doing this right?

[Savannah King]

Hello,

I have a question and would greatly appreciate any feed back I can get.

So I went to see a property about a deal where the seller is requesting 55K for property.

He buys and flips as well and he completely renovated the property from the inside out, when I check Zillow or Realtor.com  they say the property is worth  around 65K give or take depending on the site.

I have been trying to figure out how much I would be able to pitch a sales price to an end buyer for (this would be my first deal-if I can get it right)

I located properties that have recently sold in that area so I determined ARV of 46650 ...

I took that number to determine my offer and calculated

.65 x 46650 =30322.50 (didn't subtract repairs as seller stated everything was up to date)

but is that the correct formula to use to figure out how much property could sell for? Because in that case, there's no deal here and its not worth trying to move forward with.

Again, any feed back I can get is much appreciated.

Thanks in advance :)