Based on my phone call struggles,  I was pleasantly surprised.

Richard, thats sorta the answer I was looking for.I must say I am surprised by the responses here. people seem to be drawing alot of conclusions.3 days ago, as I was getting off work, one of my tenants called and said they didnt have heat.

The risk is very high.The county department of building is notorious in delaying the building permit, meaning that it's quite possible I can't even start the work for the first month or two, waiting for the permit to be issued, (no electricity in the house yet).Anything else unexpected which causes money will impose more risk on the weak financing.My question is: Should I pursue this flip?

I wouldn't be surprised to find myself investing there in the future.  

You'd be surprised at the number of calls you get from neighbors and people driving by looking to get information on the property, but that can ultimately turn into an opportunity for you.That said, don't put out a for sale sign until the project is complete.

I just read a WSJ report citing Bankrate a banking analyst, that 3 out of 5 Americans do not have the reserves to withstand the most mundane unexpected expenditure, "The survey found that an unexpected bill would reduce spending elsewhere, while 16% would borrow from family or friends and 12% would put expenses on a credit card. 

Here's the breakdown:Purchased with cash: $167,000Title closing fees: $2,107Misc expenses (paint, cleaning, repairs): ~$2,000Credit to my condo account from association rent: ~$1500 (This was an amazing surprise)Monthly interest: $166.67 (Nice perk of a family investor!)

It's quite surprising some of them. 

@Brandon Ingegneri Not surprising. 

Also, double a triple check that the 24k you have earmarked for the rehab is a conservative number because unexpected repairs will come up as I am sure you know.At 60k this deal is a pass to me.