New Investor seeking advice on potential deal

[Sean W.]

Hello all! I am an excited newcomer to investment properties, and I am also super excited about a potential deal I may have. Below is a picture of a house that's in my family, and has sat vacant for about a decade now. Original to the late 1960's, it's in need of a full gut and rehab (windows, two baths, kitchen, HVAC ran throughout entire house, landscaping, etc). 

it's a 4/2 at about 1300 square feet. For the area, the home is larger with the extra room and floor plan. I can purchase this house for around 100k and I estimate the rehab will run around 30k-40k, possibly more. 

Comparable homes (some flipped, some not) in the area are going up, currently 200k+ for similar layouts. My only concern with this house as it's original, I don't want the rehab going way over budget and ending up breaking even, or worse, in the red. 

Again, this would be first project as a flip, to build some money up to start getting into rental properties. I've read both books and now starting the Flip Book. I am excited as the deal would be smooth sailing as it's in the family the price is set. Please let me know what you think or what other angles I can approach, thanks!