Estimating Value (wholeselling)

[Brian Woitte]

After an appointment has been made to get a contract signed with a seller and you begin viewing the property general rule of thumb for determining your sell price is 65-70% ARV minus repairs.

What is the best practice for determining the amount of repairs that need to be made on the spot? I have heard a $5-$15 per sqft where $5 is just paint and carpet and $15 is a gut job.