You'll be rewarded not only by the financial upside but in the shear amount of education/knowledge you're gaining from this deal.

Also, look to see if there are numerous rentals in the area on the market.

High Risk/Low Reward.

If you search BP forums for your question, it gets asked a lot on here and you can find numerous answers. 

I recently started a CPA firm offering numerous services.

Julian  its the market establishing risk / reward.. and supply / demandin many parts of the rust belt or mid west there are simply more homes than Butts to put in them.you could bull doze 40,000 sfr's in Detroit proper right now and not create a housing shortage.its the age old adage location location location.

Also a true analysis is looking at the reward & the risk, of getting into the deal and getting out.1) You are going to put down $60-$70k (based on your budget) + any cost of rehab.

Whats left is supposed to be to service your debt and also put something in your pocket as profit - the reward you get for taking a risk.So its easy to work the numbers and see what you need, and you can determine your own profit in the process.

Cash for keys is a form of extortion I do not approve of, if I can not persuade tenants to leave on their own I evict.I do not believe criminals should be rewarded for their crimes. 

I have made improvements to the property and found it to be very rewarding.