Need help with analyzing deals....example given.

[Gary Dayton]

Soooo. I was looking at some listings. I came across a 2bdrm 2 bath for 203,900. Similar properties in the area are selling for $300K and up. It needs a new kitchen, dual pane windows, carpeting/laminate, bathroom suites and interior painting. The area seems a good place to commute from but it only has 4k people. Can anyone run me through the 'is it profitable' formula so I can see how it works please?

Thanks in advance
Gary