I am still interested in the property but given the scope of the repair, I'd like to get a couple of estimates from contractors first so I can factor them into my bid. 

I know it would vary from house to house, but does anyone have thoughts about any general formulas for estimating repairs.

Just ask, and if you have to, check with the closing attorney.Don't rely on their ARV, market rent or repair estimates - Smart wholesalers are in it for the long haul and understand that their success is tied to yours.

-CapEx and Repairs are absurdly low, unless you plan to bring capital reserves to the table for what I assume is a house built in before 1950.

Can the owner in this case, deed equitable interest or some other legal instrument to allow myself to actually not only make repairs on the property but only pay the owner after the house is repaired and the house is actually sold?

I don't mind showing a house while we are still painting or cleaning or repairing. 

I'm not sure there's enough juice to squeeze for that.Maybe a "master lease option" with a mix of repair options: ie: if it's an expense above $1000 they have to pay for it otherwise I would?

Monthly Income: 1100Expenses:•-Repairs/ Maintenance – 50•-Real Estate Taxes – 112.50 (1.2%)•-Insurance – 30•-Vacancy Costs – 83•-Capital Expenditures – 100•-Total Monthly Expenses: 375.83 Downpayment: 18000Loan Amount: 72000 (with 20,000 rehab money)•-30 Years @ 5% interest Closing Costs: 4000Total Initial Investment: 22000Monthly Mortgage: 386.51Cap Rate: 9.54%Monthly Cash Flow: 329.32ROI: 17.96%After evaluating this, if this property was in a better neighborhood with less crime, would I be naive to pursue this property?

The only thing I would look more closely at is the repair budget. 

Thanks @Michael Guzik for your prompt response.