Is this totally crazy?

[Charles Terrizzi]

Asking price is $42k house needs everything almost

neighborhood is C+, likely would sell for $110-129

Needs complete kitchen, 2.5 baths total remodel, large amount of drywall repair, complete siding replacement, windows, lighting, garage door, flooring....

1400 sq ft, two story, layout is ok, but slightly quirky. Garage is 9 feet deep...why did they even put a garage door on this thing? Kitchen has a doorway to it with an actual door on it. Can remove door, but the wall is bearing the upper story, it is a decent size but definitely different. 

This would be like new construction, except the roof and bones, trades rough would be done, repiped this year. 

Yes this would be my first house. (before you warn me about how hard it is, I am an HVAC contractor) HVAC contractor status makes any project doable. I built a home from the ground up 12 years ago....that was hard, but I have learned a lot since. 

I figure I have $43k in renovations. That makes total investment $85k. Really probably more like $50k in renovations....so $92k. Again, It may only be worth $110k after all that.  Buy and hold is my main concept. 

Rent would be close to $995. 

This local market is tough to find deals right now.