After factoring 6% for commissions and 4% closing costs (if the buyer won't pay them), I could walk away with ~$27,000. 

Judge Judy to head a commission on Tort Reform?  

A reasonable fee for walking properties for you and being a first-line inspector sounds fair.If you ask, they will probably discount the commission or recomp you in some way a portion of this if you buy through them. 

San Diego Housing Commission also has procedures and timeline on when notice of increase to tenant and then application to SDHC for request for increase. 

If I remember correctly, United Real Estate is 100% commission but fixed $500-600 fee per transaction but $65/month.

. $300k sale price minus $200k purchase price minus $20k commissions.

Ask your Realtor if they’d be willing to discount their commission; yikes did a licensed realtor just say that?

@Tom Gimer  I did not see were there is a second on this property maybe I missed it.but in my on the street experience if pre foreclosure people are beating down your door and they appear to be.. there is far more value than the 700k they are offering.. that's the first thing.so if this goes to sale I suspect it will bid higher than the opening and IF THERE IS NOT a second like I was thinking the overages I am also thinking like in the states I work in would go to the Trustor or mortgagor .. ( the owner) and if it bid up say to 750 or 800  that's money in her jeans with NO closing costs no commissions etc etc.. maybe she has to hire an attorney for a nominal fee to petition the court for her overage.. in our state the trustee just finds you and mails you a check.. in WA you do have to petition the court.. so that's something to think about if the units are worth double subdivided there is in my mind some significant upside to these .. and ergo people banging at our door.

The tax hit and closing costs with commissions and everything will cost you more than the avg household income for a year, though. 

Congrats Jodi,Sounds like you got a deal and times it right Hillary ,I’ve been listening ok’ing at flood deals for a while now , from the deals that came my way the wholesalers are looking for 60-50% of the ARV , that doesn’t leave you much room for error , market correction or stigma of a flood home even in a good area .Take off 10% for commissions, legal  & closing on sale , you are looking at best a 12/20% return on investment .Now imagine if the mold situation comes or contractor goes over budget , you may be stuck holding a wet bag If your plan is a rental than at least you have a plan B in place For the best upside of 20% I’d stay clear Of course if you can purchase at 35/45 From ARV that may be worth considering IMO the Flooded homes are going to be in the market for a while - based on the fact many owners are just hanging on and not paying mortgages .