First Flip Buffalo NY: Worried about underestimating repair costs
Looking at flipping this house:
https://www.zillow.com/homes/for_sale/house_type/3...
I put the info into the Flip Calculator and here were the basics:
If I offer: $60,000 (It's been on the market for almost a year)
Repairs: $100,000
Holding Expenses (for 6 months) and Real Estate Sales Costs: $32,948
TOTAL expenses: $197,947
ARV/Sale Price: $250,000 (This is a low estimate, it's a great area and lot, great school district and could possibly sell for 50K more if listed at a prime time)
Profit: $52,467
Big things it will probably need:
-New Roof
-New Siding
-New Kitchen
-Updated Baths
-All new interior doors/windows
-New layout/design to interior
-Possibly turn extension into Garage
Is this a crazy idea for my first flip? Is it really possibly to do all of this at around 100k? (I haven't actually had any contractors give me numbers...but it's such a big job I don't want to start that until I have a general idea that it might work). Any thoughts or advice?