First time investor advice

[Brandon Kabernagel]

Hey guys, I've been listening to the podcast/browsing the forums etc and am really enjoying learning about REI. I'm 23 and still live at home while finishing up college, and have about 25k saved.

I live in SoCal so I’m definitely priced out of my area, so I’ve started looking out of state. I’ve been browsing certain neighborhoods in Cleveland due to the low barrier of entry.

I’ve spoken to a lender and I’m pre-approved for 150k. No one I’m close to knows anything about real estate so I’m lacking some knowledge. How far can my 25k take me? If I buy a property with 20% down (I don’t plan on using the full 150k pre-approval), would my remaining cash be enough for any potential rehab needs? Also, what is the best way to estimate an average rehab cost on an older home? Really looking for some advice in regards to this. Thanks!