Advice: Wholesale it, rather than rehabbing and flipping.
If your numbers (ARV--after repair value--and the needed repairs) are correct, here's what you do:
(1) Put it under contract for $22,000 (or as low as you can get it).
(2) Wholesale it for $45,000. And you make $23,000 without purchasing, without risking any of your own money, without borrowing the money from a hard money lender or private lender, without spending 2 months on the rehab, etc. That is: If you'd be happy with a $23,000 profit for a couple of day's work.
Here's how the numbers play out. You say the comps are $150,000-$175,000. Let's take the lower number to be conservative: $150,000. A rehabber will pay you 65% minus rehab costs. But let's be conservative again, and just go with 60% of ARV minus rehab costs. That brings your number down to $90,000 ($150,000 x 0.60). Now subtract the rehab costs. That number probably is about right, so we'll go with that. Subtract $45,000 from $90,000. That means a rehabber will pay you about $45,000 for the property. So: You put the property under contract for $22,000. You assign the contract for $23,000. And you've just made $23,000 and the rehabber has picked up a property that he can rehab and sell for $150,000.
Don't get greedy. If the comps are as high as $175,000 . . . and most rehabbers actually will pay 65% of ARV minus repair costs . . . and you could put it under contract for $20,000 . . . then you'd be talking about $113,750 minus rehab costs of $45,000 . . . or $68,730 that a rehabber would pay. Subtract your contract price of $20,000, and you might be looking at an assignment fee of $48,730.
But don't get greedy. Leave plenty on the table for the rehabber. And you can make a profit of $23,000 with none of your own money invested (remember: you're not buying it for $22,000 . . . just putting it under contract). And that's a very juicy deal for any rehabber, so you shouldn't have a hard time finding someone eager to buy the contract.
Contact me if you need clarification on the process.
Hope that helps.