I am living in a rent stabilized condo in Washington Heights and paying $1000 a month for a 2 bedroom, 1,000 sq foot apartment. The apartment is in terrible condition. It needs new floors, walls, electric. The kitchen and bathroom are ok.

The insider's price is $303k with appx $800 a month in maintenance. I think the apartment could sell for $420k.

I do not want to live here anymore. I hope to be able to move to the suburbs within 6 months. Would it be worthwhile to buy the place and try to flip it? I am a total newbie and flipping seems very risky to me. Are there things that I should know about?