there is a lot of competition - you're going to be up against both other low-budget operations and also high-budget, national operations. 

The $15,000 renovation budget presented a clear opportunity to add value.

As for your comment on value adds on high value properties, in May I completed my most over budget rehab.  

So, if budget becomes an issue dig into what upgrades make the most sense.

AC unit, ok so put in a new one, ( should have been in your reno budget ) Water damage, didn't you see it when you walked it ? 

The $37,413 renovation budget presented a clear opportunity to add value.

Consider budgeting for these expenses.2.

I have already budgeted $25k for repairs on the property, but this was not one of them.

Budget a line item for misc items that you didn't account for in your scope of work. 4.

I agree that the payout on the FlipSystem type flips is minimal, and having done a lot of this work myself I know how easily a project can exceed budget by much more than those small earnings.