In my experience, they are much more on the optimistic end of the spectrum.

Like most newbies, we were a bit optimistic and after dropping the price, realtor's fees and taxes, we made only $5K.

I’m considering putting up a Craigslist ad asking for microloans of $1-5k with a 10% APR or flat interesr rate and hoping I get enough interested parties but I’m not overly optimistic and I don’t even know if it’s legal.Any advice for coming up with more capital for my first deal?

Am I being too optimistic in thinking that I'll find such a good deal?

Im an optimist saying that and understand those that argue with me.

Further, we have a buyer with a very low cash investment in the property and a buyer who could not qualify for conventional financing, also not good.So without knowing other important information, I am going to say that a market value (what someone will pay for this note), is, very optimistically $80,000 (VERY optimistically!).

It will take you at least 30 days to get the lay of the land, optimistically at least 90 days to learn their system and see how some deals progress, which leaves maybe 3 months for you to add *some* kind of value before you leave. 

People seem to be optimistic on neighborhood forums that it is headed in the right direction, but every time I drive through there, I'll admit it's hard to envision.

It will, in fact, take you in the wrong direction, even with some fairly optimistic assumptions about expenses.

Currently trying to work with some wholesalers but their rehab costs are rather optimistic...