Quantizing Risk/Volatility (beta) for a Rehab & Flip Business

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I realize this is a complicated question that depends on many variables but I am curious if anyone else has ever made an attempt at it.

I want to calculate the WACC to use in NPV estimates for a rehab and flip business. I realize that ideally the company would use as much financing (debt) as possible which makes determining the WACC much easier. However, trying to be realistic, it is unlikely a newbie will be able to operate with 100% financing and must consider the cost of his/her equity. So my question is, has anyone ever considered how to potentially quantify risk (determine beta) for a flip company?

Thanks in advance for any insights you might have.