You are probably right or close to it with that $60k figure, Dink. That is a net $54K going to the owner. At $4k a month plus equipment and some other expenses, no problem spending that $54,000.
So if you purchase a yearling to train down and make eligible to Sire Stakes and some Grand Circuit events, your investment in training and stake payments could easily exceed $50,000. What is the % of 2 year old colts or fillies that make $50K?