My estimate is 90% of the time we obtain a tenant in our first open house.  

It's like the 70% rule, you can use it to narrow down 100 deals to 30 deals to dive deeper, but you need to know estimates per house..

My walk through estimate was roughly 60k, Hard money was 12%.

I wouldn't tackle it yourself, The IRS instructions for it estimate 22 hours to learn and complete the form. 

Estimated costs range from $500–$1,000 annually, depending on the complexity of their LLC and rental activity.For Partner 2 ($148K joint income, W-2, 1099 income, 1 rental, 2 kids), a CPA is strongly recommended.

Estimating about 30K in work.2% annual appreciation, C class neighborhood. 

That will give you a good idea of how it will go.Plus you can go over to https://awning.com/airbnb-estimator and put in some addresses and see the local competition.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Then if I have additional concerns I call in an expert to get further information and an estimate on what the repair will cost.

Below is my estimated scope of work and timeline.