I've been doing exactly what you're looking to do for several of my clients for the past 3 or 4 years, even when the market wasn't as good as it is now.
I find them properties on the Northwest side, because with my 18 years experience in this area and nearly 700 closed transactions, I tend to be very accurate about the potential resale value of a property needing rehab. I avoid areas where I'm less familiar, to prevent costly errors.
In this area the acquisition cost is a little higher than you mentioned, i.e. $75k-150k, but the upside is higher, too, and the buyers are strong, so the properties sell and close sooner. My clients typically net $40k-100k per transaction, occasionally more.
Please contact me directly for more details.
Waldemar "Val" Smolinski
Century 21 McMullen
For you the hot areas would be areas with a lot of low-priced property that can be rehabbed and flipped for more. I help a lot of investors. It is important to know your market and rehab based on what you want to accomplish.
Please feel free to call. I would be happy to help.
RE marketing consultants, Inc.