Great deal on contract then what

Well, first, relax a bit

Second, you don't need to worry about double closing in this case if you're buying this property from an investor.

Third, find a title company that is experienced in handing assignment contracts. Big plus if they provide escrow services as well. Email or call a few until you find the right one for you.

Lastly, using a PoF letter is perfectly legal. Just a heads up though, there have been a few reports on here from people that used coastal funding's PoF letter and have had some trouble when the agents called the company to verify the funds. But if you do your research on companies that provide PoF letters, you should be fine

You say it was appraised @ $100K.

How long ago was the appraisal? What are comps for this area? Make sure they are recent.

How did you come up with your rehab estimate? Is this something you are familiar with or is someone (realtor or seller) just telling you that number?

Do you have info on the property that the buyers are going to want? Such as: rents, occupancy and other costs to determine ROI?

I know I'm a newbie and this might sound funny, but I got that estimate through zillow. I live in a pretty metropolitan area and the way it works here is that a lot of investors are buying alot of these properties for dirt cheap. A guy I met at one of my rei clubs told me he was working with a group of investors that are trying to buy up about 200 properties in this area for cheap. So I am not really worried about the appraisal cause in this area there are no retail buyers, and in my opinion appraisals are retail numbers.

Again I know you might laugh at this, but I guessed at the rehab cost. I figured as long as I give a conservative estimate I wont mess my numbers up. I really am lucky because alot of the cash buyers in this area are buying similar properties on the same street for the 30k-40k range. So I know its a good buy that's why I'm moving so fast.

I know the rents in this area are going for at least 650 and that is also are very conservative estimate on my part. I don't know how to calculate ROI, but I did some math. I figured if a cash buyer bought it for 30k, rented it out for 650 each side.
If they then did a refi for 70k, 15 year fixed at about 6 percent, their mortage
would only be 600 which would be about a 700 a month cash flow. I will post tomorrow and let u know how my offer goes.

P.S. If I shoot for the moon and don't get there won't I be pretty far from the nearest star. But I get your point.

Not in the best part of town either means it's near a war zone, or in one, classified as a "Class C" or "Class D" neighborhood. If it's in a war zone, it might not sell so well.

I think that going off a wing and a prayer with the numbers like that, you need to get accurate numbers, not just work off of Zillow only. It's true, most ARV's show up around the zillow amount, but it's better to have proof to backup the value. Guessing rehab cost, doesn't help. What if the rehab numbers are less than what it actually costs or more than what you guessed at? That's just my opinion, but other than that, it sounds like a good deal.