Preliminary Analysis. How to account for rehab costs.

[Anthony Ryan]

As a real estate agent, I think it would be a good idea to run at least a preliminary analysis on as many multifamily properties found in the MLS in my target area (greater Buffalo NY area). My concern is, how do I account for potential rehab costs? I have a contractor on my "team" that can assess the costs when doing a final analysis. I'm just looking for an idea on how to do a preliminary analysis to show potential investors.

Do I:

1. just include a wide best estimate (ie 20-60k and  show what the return would be for a number of different values. Keep in mind  when doing the analysis, I'll only have a handfulof pictures (if any) to go off of.

2. Leave them out conpletely (not sure how valuable of an analysis this would be)

3. Something else

Thank you in advance for any help you can offer!