Is this a good Wholesale

[Joe Pitrolo]

A guy I Know in Pittsburgh has an older home 1910 in an lower income area with a mixture of nice homes and abandoned ones. He is willing to let the home go for $3000 or back taxes. My guestimate is the house needs $15 k worth of repairs, but could easily be rented for $650 to $750 and valued at $20k to $30k.
I live several hours away. I could buy the house and start contracting the work out, but I find these projects always take more time and money than estimated.
Let's say I get a $100 option on the property, up and get an inspection for another $350, I'm only gambling $450 now. If the inspection is decent, I could do the work myself if it is less than expected, or flip the contract.
Any experienced wholesalers thoughts? I'm just wondering if my numbers are that promising or If I should just pass on this deal and avoid the headaches.