This probably isn't newer construction (post 1995), so my experience leads me to believe that a $15k rehab is probably not realistic OR that more work is required than proposed in order to get the $120k ARV.If it's the Castleton house, I think you've left off money for updating the landscaping, updating light fixtures, redoing the basement, kitchen appliances, etc.  

If the tenant is responsible for landscaping, I always ask how they did with that. 

I've spent some time there (not much in the past year), and know the landscape changes quickly, of course the same is true in both Philadelphia and Baltimore. 

Repairs...landscaping, will need some kitchen and bath updates.

Rich, recessions are a natural part of the economic landscape.

landscape?

The property had lots of water damage, plumbing issues, mold, the landscaping was out of control.

Nice work.What are your plans for the landscape?  

There are a lot of different things to look for but I will say this: you want to see some kind of distress.Physically on the exterior is important (peeling paint, cracked driveways, original windows, overgrown landscape, rusty garage door, awnings, etc.) but also look for a messy yard or just ask the question-  Is the way this homeowner living kind of "weird"?

The guy is asking 475k, there's still some work to be done with the basement and landscape, but the house itself he put quite a bit of work into so it's not really bad.