How Ugly is Ugly?

[Robert Burns]

I'm fairly new to wholesaling and I've come across a number of "distressed" properties. The question I have is how do I make the "cut" on properties that are probably not worth doing the follow up? For instance, I drive up to an "ugly" house that is obviously unoccuppied and not being maintained and requires somes repairs, how do I in a time effective way determine whether I should put this house on my list of potential wholesale properties or not? So how Ugly is Ugly?
How do I determine rather quickly if the repairs/improvements are within a reasonable cost range relative to the value of the property? I am thinking making this decision is very important before I spend the time to try and find the owners and go through the contract negotiation. What do experienced wholesalers do about this situation?