Or is not a high end property I would grade it C- in a smaller town.

There are below grade floating floor vinyl options that look great.

Unless you bought an air compressor that's commercial grade and over $2,000 or so, it's probably not worth your time.  

Carpet they use five years rule unless it's above average grade.

I haven't been on that specific street in a year or so, but there's been a lot of investing activity on 38th Ave in the last two years, and it is starting to clean up really nice.Like @Jeff Gore mentioned, this isn't really investing grade; although I calculate PITI as about 1330/month compared to his numbers.

He has a 6th grade education and makes well over 120K a year with over time.

Hi Showshawna,Blindly using $/sf values without completely understanding what's included in a light, medium or heavy scenarios is a very dangerous way of estimating rehab costs.If you are going to use $/sf you need to understand that the Scope of Work, level of finish, & market will impact your prices.I would recommend performing a pricing exercise and perform 3 different detailed estimates of a typical sized rehab project that you will pursue, with different grades of rehab (light, medium, heavy).Pricing Exercise StepsFind a Typical prospective rehab property that you will pursue at the auctionsCreate a detailed Scope of Work for each Scenario (light, medium, heavy)Create a detailed list of whats included in each scenario:Light - Paint & Carpet?

Multi-shaded carpets will not work for the tenant segment we target.The cost of light commercial-grade nylon carpet is not much more than big box nylon.

If you were from Kansas City I'd say that'd be your market & you were nuts to pick Cleveland over it.P.S.Don't know if you've seen it yet or not but the The Ultimate Guide to Grading Cleveland Neighborhoods is always a good read.

However in case you haven't already seen it I wanted to drop The Ultimate Guide to Grading Cleveland Neighborhoods in here for you.