FORECLOSURE HOLDING/CARRYING COSTS

Is anyone familiar with any good software that will help in analysis - specifically I am interested in a few REO’s. I have a general valuation but I want to get more specific. See below - is there anything that is missing - it appears to me that this is a go?

Former Asking Price: $234,000
Current Asking Price: $189,900
Tax Value: $203,000
REO Property

*Currently getting final estimates from my contractor but here is a guestimate on my offer price.

6-month Carrying/Holding Costs:
Purchasing Costs $160,000
Operating Expense $5,000
Mortgage Payment $9,000

  • Taxes $1,500
  • Insurance $500
    Capital Improvements $10,000
    Selling Costs
  • Resale Broker Comissions $6,300
  • Resale Closing Costs $5,000
    Total $37,300

Given $37k in holding costs - my offer is around 160k for this property. That would net me out at a $10k profit.

Estimated Resale Price: $210,000 (very conservative)
Holding Costs (180) - $37,300
Minimum Profit - $10,000
Maximium Purchase Price: $162,700

Is there anything - seasoned investors - that I have fundamentally missed on this one?