If you have the time, skills, and patience, it can be worthwhile.
Right now I am working on a 5-bedroom flipper purchased for 20K. My buddy and I have sunk about an additional 5K to date--new toilet/tub/sink, drywall, windows, furnace, cabinets, paint, re-roofed front/back overhangs. When complete we hope to sell for 60-70K(which is the going rate for the neighborhood.) Always plan on additional expenses though--just this past week some freakin' crackhead busted the window out of our new door, forced their way in, and stole the copper pipes from the basement plumbing to sell for scrap.
