Help! First BRRRR

[Richard Pastor]

Hi Everyone!

I am just starting out in my BRRRR adventure. I do own one paid off rental with a value of $450,000 that brings in $2,100 a month. Rent should be $2,800 and I am working on getting the rent up to that amount. I will use this property to finance the deal. I am looking at a townhouse with a asking price of 300k and the ARV of 415k. Area has new construction mixed with older homes. Decent schools and great public transportation. Rent should be around $2500 to $2800. The problem I am running into is how do I budget for my reno? I have read the book Estimating Rehab Cost but I feel its not right for my area or outdated. Basically I have no idea where to start and have no idea if my estimate is even in the ballpark. I am thinking 60k. Here is a link to the property. https://www.realtor.com/realestateandhomes-detail/6645-NE-6t...Thank you in advance for any info.