House flipping in Kirkland (houses, purchase, price)

[Redline]

We stumbled across a house near downtown Kirkland going for $800k. Very nice place in a good location (probably 10-15 min walk from the "strip"). We found out it is a flip and that the house was purchased for $540k about 2 months ago. My first thought was there are 4 bedroom, 2.5 ba houses with 2200+ sq ft selling for $540k in downtown Kirkland?? I thought the days of flipping houses were long gone. I guess not...

[Ira500]

The house isn't flipped until they manage to sell it. They may have paid 540, but who knows how bad it was when they first bought it, plus maybe they also got some underlying liens, which aren't counted in the purchase price.