Considering offering on 1st property. Help with rehab estimates.

[Patrick Cruse]

I am considering offering on a property that is being offered by a wholesaler. This property would be a buy and hold rental. 

Some numbers that I have come up with that I think will make it meet my criteria for being a possible deal are as follows:

Asking price: 37,500

ARV: 68,000

Rent: $800

Cash flow: $378/month

If I can keep the rehab costs under $15,000 I think it will make my all-in price at enough of a discount that I can make the deal work. 

All of these number are conservative estimates and it gives me a 22.79% discount on a buy and hold property. I plan on doing the BRRRR method and I know that doesn't reach the 30% threshold, but I am comfortable with it.

What I am not comfortable with is estimating the cost of rehab. I would like to fix it up nice enough that it will last a long time, because I plan on holding it possibly forever. It is a small house (952 sq ft) with 3 bedrooms and 1 bathroom. I would like to do wood/laminate flooring throughout and granite counter tops as I think those would last the longest and not have to be changed every time a tenant changes. I think it would also give me a leg up on the competition to keep this house rented consistently. Is this crazy to do in a house that only has an ARV of 68,000?

I am very much a novice when it comes to estimating rehab (I just got J. Scott's book in the mail yesterday, but won't have time to master it before this deal). 

I'd like any and all help with pointing out stuff I don't realize will need rehabbed and help with estimating how much this house will take to get in great shape.

I have included a dropbox link of the pictures I took today. I took lots of pictures, because I wasn't even sure what was important to have pictures of.  If you want more detail check out the pics too. 

Can this house be rehabbed for < $15,000??

Thanks in advance for any help,

Patrick Cruse

Fwiw, I am willing to help with work, but wouldn't be much help with anything other than standard appliance installation and demolition. Most if not all of this work I plan on contracting out. This property is in Indianapolis, IN if that helps with rehab estimates. 

https://www.dropbox.com/sh/i69tvjcr50m5vq8/AACrysr...