First house under contract!! Help with rehab scope?

[Aaron Mikottis]

Hey guys.

I just got my first house under contract (!!!) and I'm equal parts excited and terrified. As a result, I'm turning to the Bigger Pockets community in the hopes that I can get some outside opinions on what the scope of my rehab should be. I often hear of people saying that they over did it on their first project so I'm looking to avoid that problem.

Here's the deal: House hacking a 2100 sf duplex. (1050 sf per unit) 70k purchase price, wrapping rehab into a 203k loan. Combining 3.5% down with the Illinois Home First Grant, I'm shooting for zero money out of pocket. Property is located at the southern edge of the "Cathedral Area" of Joliet, IL, which is considered to be one of the more desirable areas of town.

My goal: To provide a quality rental that sits one tier below the highest rent chargers, hitting the sweet spot between cost and return for a B- neighborhood. Participation Award: $800/door Bronze: $850/door Silver: $875/door Gold: $900/door

I have interior photos uploaded to my google drive here.

Here's my analysis of the local rent and the rehab items I'm considering. (click to enlarge) Average neighborhood property value is ~120k.

What do you think? 

[John McConnell]

J Scott's book on estimating rehab costs. Quick read but wealth of knowledge. Might as well get the bundle from BP for a good deal. Brandon Turner