While estimating rehab costs before you have walked through all the units in person, I highly recommend you assume that all of the units need a complete interior rehab!

A bad joke at that.That's because none of the automated valuation tools have any idea about the interior condition.Take two 3/2, 1800 sq ft ranches on 2 acres, both in the same neighborhood, both built in 1930 by the same builder. 

Through lots and Corner lots would potentially not need this, but interior lots would.

There were interior repairs and updates that were done, and some repairs of siding and deck.

New floors, new windows, exterior window trim, fascia, soffit and porch rail paint, new counter tops, kitchen backsplash, new light fixtures, interior paint, new HVAC system, new attic insulation, new water heater, washer and dryer, and finished out the lower bonus room with sheetrock and texture.

:Unit count = 8-30 unitsLocation (Neighborhood Grade): B or C+ NeighborhoodYear built: Between 1960-2000 (Preferably 1980 or newer)ROI: 7% Cash on ROIRehab Scope Needed: A maximum of $9,000 Interior RehabOccupancy: 85% Occupancy (Minimum)Unit Mix: 1 Bedroom unit shouldn’t contribute to more than 50% of total unitsConclusively, sticking to your criteria mitigates the downsides!

Interior Lighting Upgrades, Interior Paint, Added Washer and Dryer and Refrigerator What was the outcome?

The interior of the property cannot be accessed.

And Washington City has a sleep limit of 10 unless there is fire impression (interior sprinklers) so that's an interesting hurdle.Let me know if you have more thoughts you'd like to discuss! 

I figured it'd need new flooring and fresh interior paint so I guesstimated 10-15k for repairs.