New to the BRRRR

[Harrison Taylor]

Hello,

New to the community and also a new investor. I've landed with wanting to try a BRRRR strategy on a house in my local market. I live in the Midwest, Illinois to be exact.

The house would be bought and rehabbed with cash. The house is in good shape at face value but is old. It is a 1300sq/ft 3 bed 1 bath with plenty of room to add a second bathroom.

I guess my question here is how to estimate a decent rehab budget. My plans are to add a second bathroom (sellers have already started this project). Maybe update HVAC system, the house doesn't have central air. Update the kitchen and windows. I'm hoping to keep it around 30K. Is this attainable? Is it wishful thinking?

Ideal purchase price: 65K

Ideal rehab cost: 30K

Ideal ARV: 160K

Thanks in advance for any advice/ input. 

-Harrison