Just closed on a property for $589,000 that's bank owned. been sitting on market for about a year. Upon first review with GC, systems look okay and we ranked the renovations required as Advanced Cosmetic category (J Scott).

- All walls need re-painting

- Re-do kitchen including countertop island

- Some basement finishes

- New appliances

- Sanding some floors

- Miscellaneous work 


Since it's a very short closing, I've scheduled Home Inspector, Septic Inspection/Cleaning, Water Well Inspector, Roof Inspector all for tomorrow. There's an old pool at the property too and i'm planning on scheduling someone to take a look at that.

Is there anything you think I'm missing here? Is there anything that you think is unnecessary? 

My numbers are as follows:

After Repair Value: $750,000

minus 

$589,000 for purchase

$7,500 inspection and buying closing costs

$50,000 renovation costs

$10,000 holding costs (mortgage + taxes will be $2,250 per month)

$37,500 broker sale commission

$5,000 closing costs at sale

$10,000 miscellaneous costs

Net Profit: $41,000

Any advice? Anything major I'm missing? Don't be shy! I need constructive feedback from you vets :)