It all depends on what your budget is.

If I was in your shoes, I would start talking with realtors and financial planners to get their best suggestions, given your likely budget and time frame.

@Rachan Malhotra,Again, @Joe Villeneuve called it.If you still want to do the exercise, you can determine your maximum allowable offer:ARV minus rehab cost minus holding costs minus closing costs minus your anticipated profitThat's still just an estimate because rehab costs are estimated and no contingency for out-of-budget costs is figured in. 

well I have a little sharing idea here-do not fall in love with this property and spend all your money on high end stuff that's not going to pay you backget it finished in a timely fashion and don't throw gold plating on itlook at like properties in the sale range and stick with what sells100k goes pretty fast without a budget and a visionthis is a investment you are going to turn, sometimes that's hard when you have had good times in a place for a period of time-memories- make a reasonable budget look at what sell for the range your after and don't go brokeenjoy and good luck

I like the extra money I make when a realtor brings me full market price but i always budget to give up 10% of the full market price at closing to realtor and buyer closing costs.  

Then CapEx will come along and eat your lunch in the long haul since all this time you were only budgeting 10% and didn't realize that it does not scale with gross rents and when the roof goes out it costs what it costs to replace; the roof does not know nor does it care what the unit is rented for.

I am just starting out and have a limited marketing budget of 1000$ a month max and that's pushing it.

The numbers will work but you may need to add more to the budget for turnover, lost rent, and damage as this area has a reputation for all of the above.

You give me a C class building from the 70s in a AA area and enough capital budget and I'll make it an A class building (probably won't make money off of it due to the magnitude of work it'll need but tha S not the point). 

You're good at budget analysis on any particular property deal, apply similar principles to the family budget!