How bad is too bad?

[Tiffany Ward]

There is a single family REO that has a very bad mold problem and needs a new roof and a new kitchen and new floors and subfloors. I want to get started doing flips and this home seems like a good one because of the beautiful architecture, large windows, skylights. My theory is that if I can buy it for the right price, as long as it isn't a teardown, its worth buying and rehabbing ... even it needs a lot of work. What do you all think?