At $115k you tend to make $50k. Nothing wrong with that. Not sure what your motivation is to get it at $80k. You may lose the deal if you try to get it for too low. And if its bank owned your chances are low of getting that kind of reduction. This is your first deal. Focus on the logistics of actually doing the fix and flip or hold.
@Kenneth Liz That's amazing. I thought the deal was good at $115K so you just made some extra margin. Close the deal and focus on the next step of rehabbing within your estimated budget.
Try a local bank or credit union to get 80%. Sounds like you have a keeper to me. If you re-fi for 200k, you are still over the 1% rule. Good luck on the rehab.
Good luck. Have fun!