Property - Flip Advice

[Sean Pincus]

I have the following deal outside in the suburbs of Bucks County that I am considering... please let me know if you think this is worth it. 

Subject Property - $105,000 (cash)

Renovation - $70,000 (cash)

After Repair Value - $260,000 - $275,000 (could be more depending upon the finishes)

Here is where it gets tricky...

- Holding Period: 1 Year

- Renovation Time Frame: 3 - 4 Months

I would buy this property under the FNMA guidelines of the First Look Initiative which allows Owner Occupants the first "stab" at purchasing the property before Investors. 

I will indeed live in the property and own it for 1 year before I 'flip' it, so I would not be in violations of the First Look guidelines.

Is the above deal still worth it given I have to wait 12 months before it can be sold? 

Thanks,

Sean