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