Budgeting for MF cosmetic rehab

[Jeff Davis]

We are in the early stages of developing a budget to purchase a 2/3-unit MF in Chicago (Andersonville/Edgewater). Does anyone have any insights on how much we should budget for cosmetic rehab (i.e kitchen/bathroom upgrades, etc)? We would like to be able to establish a healthy target to save for the downpayment, closing cost, and rehab so we have the funds we need to do the work that needs to be done.

Any general rules of thumb or general guidelines would be extremely helpful. Thanks!