Advice on a Potential Rehab Deal

[Freddie Taylor]

I have a 4BR, 2BA (1,960 sq. ft.) property that I am currently looking at, and it could possibly garnish some large returns if executed properly.  The property is located in a lower class neighborhood, but it's right next to one of the country's largest chiropractic school.  The students at this school are graduate level students, and are older than your traditional college student, and tend to be more mature.  Some of the students even bring their wives and kids with them when they move here to attend college for an uninterupted three year period.  The house is a completely trashed, everything has to be rehabbed down to the studs, but the asking price is only $5K; and Zillow has it listed at $72K.  My brother is a union electrician, and he's also able to do most major construction work, so we would be able to do most of the labor ourselves.  How should I go about evaluating whether or not this is a good deal?  I still have to research the numbers more closely, but I feel this could be profitable with a quick flip, or even a buy and hold.