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Is this for a Lab or a production environment, and it really depends what kind of workload you are going to have your vms doing. Also what hypervisor were planning on using for example KVM allows you to over commit CPU's so you can run more than a handful vms on this compute node. Technically you should be fine if this is for testing.

Typical flavor-list you can always customize.

[root@node-1 ~]# nova flavor-list
+----+-----------+-----------+------+-----------+---------+-------+-------------+-----------+
| ID | Name      | Memory_MB | Disk | Ephemeral | Swap_MB | VCPUs | RXTX_Factor | Is_Public |
+----+-----------+-----------+------+-----------+---------+-------+-------------+-----------+
| 1  | m1.tiny   | 512       | 1    | 0         |         | 1     | 1.0         | True      |
| 2  | m1.small  | 2048      | 20   | 0         |         | 1     | 1.0         | True      |
| 3  | m1.medium | 4096      | 40   | 0         |         | 2     | 1.0         | True      |
| 4  | m1.large  | 8192      | 80   | 0         |         | 4     | 1.0         | True      |
| 5  | m1.xlarge | 16384     | 160  | 0         |         | 8     | 1.0         | True      |
+----+-----------+-----------+------+-----------+---------+-------+-------------+-----------+