Renovating in a D area

[Joshua Kleinsasser]

I have a newbie question, I completely understand how difficult it will be to answer but will ask anyways in blind confidence someone is willing to join me in this ridiculous conversation. 

I am looking at a purchasing a 1600 Sq ft 4 bedroom duplex in  D neighborhood. This house is selling for extremely cheap but that is because it is bare, everything has been removed down to the studs. The roof is mint and was replaced past three years but everything else needs work, its a full basement but has a bulging cement. Forced air and electricity is separate.  I would be doing most of the work myself slowly. I am curious if I was to make this into a D level house nothing to fancy for the neighborhood would anyone have an estimate at all? I understand you will easily be 20000 off. and Secondly would anyone recommend starting in a house like this just to minimize risk or do you think this is a bad move for a rookie?