Calculating rehab cost

[Blake Wilson]

Hi everyone, I am a new in Phoenix and have a goal of purchasing my first investment property by September. The idea is to BRRRR, but I'm still having trouble wrapping my head around that first "R". When I do find a property that needs some (or a lot) of TLC how do I determine rehab cost? Of course in the end getting estimates from contractors will ultimately be what settles that but I guess I'm wondering more so for right at the beginning if I'm trying to put my rough calculations together to determine if it's a good deal to pursue or not.

I realize this is variable and depends on multiple factors but is there a general rule of thumb you guys use to determine ballpark cost of the biggies like paint, flooring, bathrooms, kitchen etc?

Is it better to set a rehab budget first and then look for a property that I can rehab within that budget?

Thanks in advance!