Needs new carpet, some paint and possibly a new AC.

I can't really tell from the video - is it painted black or stained or ???

Is it still a complete and functional home if there's spray paint on the walls, a hole in the drywall upstairs, only one functional bathroom, and a cracked window in one of the bedrooms?

Once you get better at estimating costs, you will be able to estimate things such as: roof, kitchen, bathroom, flooring, painting rooms, doors, windows, etc. 

A few late fees will not begin to compensate for having to rip out flooring and more.

The idea of someone not buying a home because the paint color was wrong just got under his skin.  

Xavier, two things to watch for are the quality of the installation and the quality of the painting.  

In addition, if you can buy a property under market, or with an opportunity to add value (even if it's just paint and landscaping), you then have the ability to give your investing a boost when you either raise the rents because you have a higher class property and/or pull out some equity to invest in another property.  

As a contractor I always prefer a full gut but it does eat away the rehab cost and takes longer but no stress about plumbing, leaks, electric, lead paint and etc in the future.The patch up would cost less, fast timing, but then you are gambling with what's behind the wall and hoping nothing happens in the future.I assume most house that are purchase for BRRRR purpose are in distress/bad condition and old on some occasion.What rehab number would you go for?

Rochester, NY was the first city to pass strict lead paint inspection laws for rental residential homes in 2006.