Update: after several weeks of silence I told the seller I was still interested long story short they accepted the offer I did an inspection and there's black mold in the attic, some electrical work, mold in all the windows, not properly vented attic, bathroom mold, needs new carpet and cosmetic stuff.

Almost everything was touched inside and outside of the house: electrical, floors, cabinets, tubs, drywall... you name it. 

I think you'll see a range from $60-$90/ SF from the studs out, but it really just depends on the project (how many bathrooms, water service, electrical service, etc.).Those numbers will get you in the ballpark, but I'd suggest after you get a property under contract you have a GC come and walk it to get a better understanding of the numbers.

You've been bit by the REI bug now!

What I like about this is the Capex is minimal because I'm only responsible for two kitchen appliance, air conditioner and electrical.  

Is there electricity, sewer/septic and water available?

After the fire the insurance paid and he redid that part, the roof, the electrical system and had an inspection from the city completed.

Anytime when you have to upgrade the electric, repair a main power line, pressure test a main gas line etc.

There is no HVAC at all in the house; the previous owner, who was rehabbing it when the housing disaster hit, installed electric wall heaters to save on cost, I think.

@Jessie Huffey Can I make an offer with the $80,700 flip budget, so roughly, an $89,000 offer, or 68% of asking, with an inspection contingency, and then if the inspector says, "Yeah this place is a plumbing, electrical, foundation nightmare," can I then lower my offer to something like the 40K offer, or am I stuck with the 89K offer because, the property is, "Sold as is"?