The short answer is no. This is a poor deal (for an successful investor) as a rental, with about $25 per unit per month negative cash flow. YUK! That is IF you are right and the rents can be raised to $800 per month (easier said than done) and IF your repair estimate is right. So, everything really comes down to the bungalow. If the repairs on this could be made cheaply and the rent is high enough, that could change this deal. I doubt if that is possible.
If this were in a "hot" market, you could probably do this deal and sell it to a newbie. Remember, the vast majority of newbies pay retail and then fail in a short period of time. Unfortunately, you said that this is in a slow market. In my slow market, the real estate flipping fad is over and the number of newbies has drastically fallen.
Personally, I would pass. The max I would pay for this deal is $65,000 (not considering the bungalow).
Mike