Hard and soft.

Soft costs are costs that happen in the future like capex, repairs, and vacancy.

Want to build a 10,000 soft addition in your house?

Just to be safe, ask if there are other soft costs - appraisals, origination fees, etc. etc. 

Or put new soft close hardware on and update pulls if needed.  

The minimum down payment is 15% of the acquisition cost (total of the hard and soft renovation costs + purchase price), but loan terms (rates/costs) improve substantially with 20% down and even more with 25% down.Max renovation budget is 75% of the after-improved value. 

Soft costs are those that aren't periodic or are unknown.

Siding looks okay but some of the trim is soft.

@Joshua Rollins how did you arrive at your soft costs. 3% vacancy is your tenants staying 33 1/3 months.

I wouldn't re-plywood an entire floor with only one minor soft spot if I could access it from the basement, but if there was deflection everywhere I'd put down a good layer of tongue & groove OSB or plywood before I started with the flooring.