I HATE to be "that guy" but I could use some feedback...

[Account Closed]

Hi All,  I truly hate to be that guy looking for answers and not offering up much in return but this is a situation where I have to move quick and feel a bit ill prepared as this would be my first deal, so I could use some objective feedback:

My immediate neighbors are moving and selling their single family home.  They've offered it to me first before it goes on the market.  They're offering it to me at 145k.  It was completely rehabbed in 2012 before they bought it and I know it's in pretty good shape plus they've done a few [small] upgrades.  Its an almost identical house to mine and I paid 172k in 2009.  My other neighbors just paid about 169k last fall for a similar sized house.    I think it could sell for low 160's.  But there's been quite a few foreclosures in the area and a lot of old houses that need rehabbed that have gone for cheap which I'm not sure how all that affects property values as they're not true comps.  

There's no way it would rent for more than about 1200/mth but at the price they're selling I feel like it could be a quick flip and maybe make a few thousand on it after all is said and done.  The property is pretty much turn-key but I could make a few sweat equity upgrades to it relatively quickly.  (I'm fairly skilled at renovation work).  

Any thoughts/advice/ideas/comments would be welcomed.  And I'd be happy to advise on any home repair issues in return.  I'm not a pro but I've redone my whole house and have gotten pretty good.  

[JD Martin]

Purchase price = 145k. Let's say you have 145k sitting around, and the neighbors are going to pay all your closing costs, so there's no costs to purchase. Sale price = 165k. If you use a realtor, your fees are going to be $10k. Let's say you spend $2k total getting ready for sale, a few little things. 

Your profit, before taxes, is $8k. If you are in a low tax bracket, 25% of that is $2k. 

I don't know about you, but $6k isn't much profit IMO based on the level of risk.