Some things definitely seem a bit high such as painting, drywall, windows, hvac. 5k for appliances???

The home needs a major rehab including roof, soffit, bathrooms, kitchen, flooring, drywall, painting, A/C, water heater, most likely electrical and plumbing.

During the walk they may ask if I would repair, paint, fix this or that.

We did a quick paint-and-clean and put it on the market to see what would happen and within four days we had a signed contract for 67% more than we paid for it two years ago.

Pretty much all of the apartment complexes here rebrand when new ownership takes over and the first thing they do is paint the interior and exterior and do some cosmetic upgrades (paint or replace cabinets, new counters).

If you were to bring me a deal in Mesa/Apache Junction at about 70% of arv under 200K that needs a light remodel (new floors paint appliances and maybe counters and light fixtures) then I would be interested. 

I put new tile flooring throughout, added a closet to make a 3rd bedroom, new appliances, new paint, new counter tops, refinished cabinets and added new hardware, gutted and updated bathrooms, landscaped outside plus lots demo, fixed a roof leak, sheet rock work ect.. for $13,500.

In the area where I invest there is an old 16 unit, built in the 20’s, lots of lead paint, asbestos, vermiculite etc.

What an eye opener.I am very aware that I am short on experience and could use someone who could evaluate what reserves would be needed, any repairs that need to be done to the units (new appliances or painting etc..), value add ons etc...Can't do that yet as I am waiting for the numbers from the private party.I can buy this privately without a realtor on either side of the deal. 

All I see is floring, kitchen, and paint.