Everyone has given you good feedback on the feasibility of a rehab in the 30-40K budget and I agree it's doable, sometimes.

I don't see any other feasible way in the neighborhood I am in - and I'm trying to start close to home.

However, I do need a solid plan that proves feasibility in order to fund the deal so some cash outlay is possible.Thanks in advance for any and all feedback.

You also need to make sure each investment passes the 4 tests of the Highest and Best Use of the property.The 4 tests of the Highest and Best Use are; Financially Feasible – the property must generate adequate revenue to justify the cost plus provide a profit for the investor.

You can find deals where using those %s are feasible.

Could this effectively render my deal not feasible?

Would home ownership be feasible on that block where John bought if "the building" was still an out of control rooming house?

You need to do a feasibility analysis to determine if there is sufficient demand for the product and number of units you plan to bring to market. 

I'd love to flip 4-8 properties a year but not quite sure if this is feasible in this market.

It may take awhile to find something feasible as well.