When you are projecting returns, you should have a benchmark to compare against.  

For sure they will list it a little lower than new build price, that will be one of their price benchmarks, if new builds are selling say 700k, rehabs might be around 650-670, of course when you are the buyer you would think that the difference will cover costs for the potential breaks. now on a different scenario, let's say you pick up a property at 500 with 50k in repairs, you'd rehab it and hold it for 560-580 which is far from 700, if you want to sell it add say 10k more on rehab (for better looks), that makes 560 pp and rehab then 70k in other costs, you still make 70k out the door.

Then I create monthly and weekly benchmarks.

I don't use the COC as a running benchmark, I use it as a starting point to see if I am interested in the deal.

What other benchmarks are you setting when you search for properties? 

I would say one concrete piece of advice I would give is to benchmark the types of rehabs people are doing in your area, and what those houses are selling those rehabs for.

Let me know if anyone has historic statistics or experience with C class cash-on-cash returns in the southeast to provide a benchmark.

Many private lenders will prefer to have few draws because verifying the benchmarks are met is something they are not familiar with.

This is only natural, and there is valuable info that can be derived from their experiences, but in and of itself this info tends to do more harm than good, when simply benchmarking others.

I put together this NFL watch:https://www.biggerpockets.com/forums/521/topics/760204-bp-nashville-conf-nfl-sunday-watch-party-benchmark-bar-and-grill