I have not yet seen the inside to calculate any repairs.

if you renting this house you might have to put a least 20% down + 5%-6% closing cost,insurance is going to be expensive near the water, check property taxes, vacancy, repair property maintenance, like snow removal, garbage, landscaping,etc

Is it worth pursuing a house that might need $40K in foundation repairs?

I was in contract with someone who after the inspection period wanted 3k in repairs.

First and foremost, the VA will not let you purchase a home in need of extensive repairs.

You add up overdue rent, repairs, garbage removal and cleaning and any other expences you incur.

He's considered a slumlord in these parts because his "policy" is to accept the first person with cash in hand, never make repairs until absolutely necessary, never use a written lease agreement, and he keeps utilities in his name so that he can shut them off if the tenant doesn't pay rent. 

Do do maintenance and repairs I've only been able to break even if not some loss

I have seen Brandon use the BP calculators to get these numbers, which typically take into account 25% of the rent for vacancy, property management, repairs/maintenance and capital expenditures; while others (i.e. local wholesalers) calculate them without taking those into account (i.e.

I can assume based of the purchase price its in a C-D class neighborhood and isn't new so 5% for CapEx and Repairs is low.