Is this a good deal? Farmington, Utah, 2770 sq ft $300K?

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Hi! This is my first deal!!! I’d love your advice as to if this is a good enough deal. Farmington, Utah, 2770 square feet for $300K. The 70% rule doesn’t work for the asking price, but if I offer $277K, the 80% rule would work. I estimate it would take $40000 to do the remodel and I could sell for $400K. 

Thank you for your help!!

@Becky Mendoza So have you done a CMA to be sure you can sell it for $400k or where did you get that ARV number? If that number is solid then back into what ever offer price you feel comfortable with and go for it.