Its a 3 bedroom 2 bath. and has a 2 car garage. The price is only $41,000 I would plan on putting 30,000-$40,000 into it. heres the link

http://www.realtor.com/realestateandhomes-detail/724-W-2Nd-St_Florence_NJ_08518_1112740407?source=hp
I don't think so.

The disclaimer on the advert for that exact house on Trulia states "Please wear masks when entering the property." which makes me think it has a mold problem and 40 grand is not going to cover fixing the house AND clearing the mold.

Not to mention the surrounding houses make a huge difference on the resale value of a house, so if that house is in that condition and for that price I wonder what the neighborhood is like.

You have to consider the neighborhood first and whether or not houses in that neighborhood even sell. That house is a foreclosure, and if there are a lot of other foreclosures going around it, you might not be able to turn around and sell it quickly.

You should avoid buying and flipping houses that are in neighborhoods in disrepair or a large numbers of rental properties. The house you're looking at has been explicitly advertised on Trulia as a great rental property which makes me think that there are a lot of other rentals around and you might not be able to sell it as fast and could end up renting…plus the masks thing STILL gets me.

You absolutely will not get any potential buyers unless you clean up the mold and if it's bad enough to wear masks you're in for quite an expense.
The question you have to ask yourself is can you afford it? Can you make the bank repayments? And if in the near future you cannot, how can you continue to make the repayments? And are you willing to sell it at a lose and/or still owe the bank for the house?

The other question, can you see yourself living in it and is it worth to spend 80K on it?

EDIT:

I didn't know what I flip was till I look it up, LOL.

Well if you think it has potential to get a higher price and you willing to make the risk, why not?
The house looks like it has a lot of potential. I would check to see what other houses around the neighborhood have been selling for. If you find that remodeled houses have been selling in the hundred thousand dollar and up range in the neighborhood, then yes, this looks like a good house to flip.

Location, location, location…
¡ANY TIME IS THE RIGHT TIME! if the Price is Right…..

Drive the nbhd, better yet ask a realtor to give you a CG Comparative Market Analysis (CMA). Then drive the similar houses, bedrooms, baths and size and check what they SOLD for, what they are in ESCROW for and what the COMPETITION is doing, You dig?
You'll figure out soon enuff if its a keeper, a flipper or Pass on it and keep looking! dont let these Naysayers dissuade you from being aggressive but Remember…

All RE is local so become an expert in your little niche area and make sure houses are turning over. Here in SoCal we're back to the Feeding Frenzy of the recent past!! Flippers are making money as we speak!
In this economy, there is no such thing as a good flip house. Sorry to say this, but hold on to your money and wait for the market to get better. Remember, it is a buyers market, not a sellers.
It looks pretty damned awful to me. You might be able to rent it out, but no one in their right mind is going to pay more than 70k for it in this economy.
Flipping homes is like playing the Lottory; TV only shows you the few people who win big and not the millions of people that lose.
Flipping is so 2006