The area is newer, so a lot of Carpet. paint and some lesser rehab like a bathroom or a kitchen.  

What happens if the house you buy needs interior paint and carpet only?

I know it will need the front yard rehabbed and paint inside, maybe replace carpets or wood flooring.

Those companies are just a huge rip off.

I taught a class last week titled, "10 Types of Fixer Uppers That Don't Require Carpet and Paint!"  

I'd ask around as to turnaround costs for a clean out and paint and carpet.  

When the house needed to be painted.

You should be able to make close to 10% cash on cash right out of the gate and another 8-10% in tax savings before you paint one door.

I feel comfortable with basic work such as paint, floors, kitchen upgrades, and maybe adding a bedroom/bathroom with the help of a contractor.Here a rough example with figures I just made up:Purchase – 120kRehab – 15kARV – 170kForced appreciation on rehab – additional 35k or 233% of rehab costDoes this sound right or way off?

Even worse if you figure you'll have to spend 5k initially on paint and flooring to turn it over, and that's without a PM expense:Property analysis