Multi Family in Philadelphia

[Mike Pat]

Hi all,

I'm new to the Real Estate world and I plan on buying my first property.  My goal is to stop paying rent and obtain a multi-family in Philadelphia where I can rent out one or two units (I'm targeting a duplex or triplex).

My questions are twofold - I'm not too sure how to semi-accurately calculate rehab and I know in a competitive market a 70% ARV is hard to fine.

In the Philly area does anyone know a good rule of thumb for a complete gut such as ~$30/sqft. that I can use to know where to set a budget? And does anyone know if 70% ARV is feasible in Philly or should I aim for 75-80%? Thanks!