Need advice on full gut rehab flip

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I'm looking at a house in Ellenwood, Georgia that I'd like to flip, but I think it needs too much rehab to be a good deal. Any advice would be appreciated. 

Built in 1961

3bd 2bath 1754sq ft brick ranch

Unfinished basement 

ARV $160k

Asking price is around $80K

It needs a total gut rehab. The roof is leaking in every room so all the drywall needs to come out. Needs all new facia and gutters. Needs new windows and doors. The floor plan is just weird and outdated. Walls need to be moved around to open areas up and to change the design for things like moving the master bath access to the master bedroom instead of the hall. The foundation seems solid with no cracks or settling. It needs all new mechanicals (HVAC, plumbing, electrical). It has cast iron plumbing, which I would wanna toss out. Half the electrical in the house doesn't work. I'd rather just replace it all with new instead of chasing problems. HVAC ducts could stay but I would want to replace everything else for the HVAC. I think selling a house with all new mechanicals would be easier. The buyer could get warranties from the contractors. 

I've seen people estimating full gut rehabs to be $50 - $100 per sq ft. At $50 per sq ft that's an $85k rehab. I just don't think there is enough room  for profit.