Estimating Rehab Costs Based on Square Footage

[Brian Walters]

I've read in different books and articles that when first looking at properties there can be a high level rule of thumb for rehab estimates.  

For example, if lite rehab is needed estimate X per square foot (i.e. maybe paint, carpet, small touch ups and improvements).  

Medium rehab estimate Y per square foot (i.e. maybe everything in lite and flooring updates or small kitchen upgrade).  

Full blown rehab, Z per square foot (i.e. full gut job)

Does anyone use estimates like this when first reviewing properties?  If so, what do your "X" "Y" and "Z" numbers look like?  

Specifically, I'm in Vegas, looking to get started after being new to the area, but don't know specifics in terms of rehab pricing just yet.