Add all the cost then subtract from income = NEGATIVE $127/month + $1400 due to find renter fee.I can NOT manage the property due to both my wife and I have full time jobs + small kids.Due to house recovery so fast around this area, the price is very higher which is so hard to have positive cash flow.

Money you spend prior to sale is the same as at any other time.When you sell, selling costs get subtracted from the selling price.

I believe the house is already in livable condition but subtracted 10k for updates and repairs someone may wish to make, and I used the standard *.70 calculation for wholesale deals.

Then subtract out the construction costs, holding/soft costs, developer profit and your profit, and that's what he'd pay.

The next step would be to find out what the repairs will cost and subtract that. 

If I was making a normal offer I would be subtracting the cost of repairs from that # which I imagine is at least 10k if not more. 

Now you need to subtract your annual expenses.

So IRR or annual addition to net worth should be your cash flow, mtg buydown, appreciation, personal tax savings, lets say it  is $23,000 the first year, and this number will go up every year but just use the 23k X 30 years=$690,000 then add the  value of your paid for property, lets say it doubles to $650,000 add it up =$1.34 million, subtract your recaptured gains and you should be around a million.  

Or do you again look for comps and then somehow use a formula to subtract the estimated repair cost to factor in the as-is condition?

Mortgage broker then says "no can do", even if I consider a purchase offer that subtracts the cost of the expected rehab (203K) from the asking price.My agent thinks I may need to "steal one" to secure a purchase on a house within my price range that doesn't need over 10, 15K of rehab.