Budgeting for a BRRRR

[Joseph Belgrad]

I'm currently trying to figure out a max budget for a BRRRR project. This would be my first property. I have partnered with my mom on this project, and she has given me access to a 600k line of credit at 2.5% interest.

My market is Worcester, MA, and I want to find a triplex (they're pretty much all three story) in need of renovations and bring up the value such that my total amount input including purchase price, renovations, and closing costs are <= 80% of the ARV so I can refinance into a 30 year mortgage once rented.

Current triplex prices are running in the high 200s/low 300s that could use some moderate work all the way up to 500s for high end turnkey properties. However, I have seen properties sell for high 100s/low to mid 200s over the past six months that would fit my criteria. 

One of the major issues is that the vast majority of properties were built between 1890-1920, and those requiring renovations often come with plumbing, wiring, deleading, and general updating all around. 

Assuming I could find a property in the high 100s/low to mid 200s given the right circumstances, what should I set as my max budget if I would like the quality of renovations to be "rental plus"? 

Thank you for any and all input or suggestions as to better ways to run the numbers or approach the project.