After doing enough in my area, I have an idea of what I can spend per unit to have something that's feasible. 

He doesn't expect to gain money for it, but dreams to break even, and is even willing to spend negative cash flow.

That is, you're spending more money than you will ever get back when you sell the home.One of the big factors in determining the market value of a home is the market value of the homes surrounding it.

I am looking forward to spending some time on Bigger Pockets!

Remember when hiring lead companies, their best line is "yeah you might spend some money on leads, but when you get one project, it all pays off", and ad companies use "we will get your phone ringing, i suggest you offer free estimates, it will pay off itself when you get a job anyways".

I'll be spending a lot of time here, I see

You'll spend the 20-25 in rehab and make the same amount, but you will have 2-3 months of work and finish up in the middle of winter.

If you could talk the seller down to closer to $50,000 or $55,000 then it might be worth it considering the money you will spend to fix the house up.  

Since, you are new, i will expect you probably need to spend sometime studying the markets, and that is a full time time on its own...literally speaking.....My one cent!

Although my career is a huge part of my life, I want to start building wealth so I can spend more time with my wife and kids, and spend a bit more time at home.