Living in CA or NY and investing in a $50k pig (aka a $30k pig with some turnkey lipstick) and relying on somebody else to watch after it in a structure where their profit motives (in house repairs and lease ups) do not align with yours... is a terrible idea.

The answer would depend on who was asking.If it were an experienced investor, they would already know the economic drivers of the town (it's future not it's past), they would know their budget and the type of property they were looking for (4bdrm/3bath, duplex, etc), they would know the type of rehab they were comfortable with (lipstick or to the studs), they would know how much they needed to make, and how long it was going to take them to do it.

A lipstick rehab these will sell to first timer buyers just fine!!!

Pick a lipstick remodel and you may have a chance ...

You just want a ball park, and I can give you that.In general, I categorize flips 3 ways; lipstick on a pig, light rehab, and full gutLipstick on a Pig - $2K-$6K - This could be as little as giving the property a GOOD cleaning, to repainting, replacing some light fixtures and ceiling fans, buying new appliances for the kitchen, and cleaning up the landscaping. 

Dump the tenant, put some lipstick on the pig and list it for the home buyers market. 

Someone is trying to sell you a pig with lipstick on it, and doing it at a distant won't work well.

It's been vacant for many years.......mom and pop owners.Rehab is 256k so that's no lipstick rehab. 

About $275 ARV2 - Lipstick - Make it decent.

Mostly doing a lipstick rehab- paint inside and out, landscaping, painting kitchen cabinets, quarts counters and a full rehab of the bathroom.