Most hard money lenders I know are charging 2 points, and 10% interest. They usually want you to put some skin in the game, so you might have to put down 10-30% down payment, depending on the deal and your experience. I invest in the NYC area where land values can easily exceed the physical house value, so run down doesn't mean too much. But you should be very weary of NYC's DOB and ECB violations, they can be a headache to deal with.
@Carlos Araujo : I don't know which part of NY you're investing in, but standard downstate contracts allow for financing even if the deal is not contingent on financing. Of course, you better be sure that you're getting that mortgage otherwise you are at risk to lose your deposit if financing falls through. Good luck!
If you need any help running some numbers let me know. I've been looking in NJ myself and have a decent model setup. The hard part about where I am looking is the carrying costs (i.e. taxes & insurance). That makes it hard to cash flow right away and real well.