How would YOU tackle this rehab?

[Sam Alpha]

Hello all,

This is a part of another post I have which can be followed at: http://www.biggerpockets.com/forums/41/topics/1635...

I have started a new post as I have a more specific question in regards to the property (3/2.5; 1650ish sq.ft.) that I am interested in.  In posting here, I am hoping to get a response from more seasoned rehabbers.

I have spoken to the owner of the home and the following is what he is aware of that will require attention.  Please take note, that I will be getting a full inspection and will also have a GC in there for the sake of having two different sets of eyes looking at it.

The items that were disclosed are:

i) All carpets will need replacement (either with new carpet or wood flooring).

ii) The was a failed valve in the master bathroom which has soaked the drywall and damaged other areas.  In short, the whole bathroom will have to be redone.

iii) The common bathroom has slight water damage from leaking end caps, but is not extensive and only the dry wall will have to be replaced.  Besides that, the whole bathroom has been updated recently.

iv) Some of the baseboard will require changing.  Since this is an 18 year old home, I would prefer to get all the baseboards done.

v) Laminate from the kitchen counter tops is peeling and can either be changed for new laminate or completely replaced with granite, tile or other material.

vi) The home has not been updated (besides the common bathroom) and I can update it to the extent that my budget allows or to my liking.

Also note, the A/C unit and the roofing (not only shingles, but the whole roof) was installed new in 2004.

The owner thinks that I can get this completed within a budget of $30k.  What are your thoughts.

I also have a concern with the water damage and am wondering if I should be taking on such a project as my first one.  If all works out well, the deal would be a very nice one and I am struggling to make a decision of whether to let this go or embarrass it and move forward with a lot of due diligence and inspections.

Thank you in advance for all the input.

Wishing you all a very Happy Holidays!!!