What I equate completely renovated to is they replaced all plumbing, electrical, heating and air, water heater, new roof, new siding,etc.

@Dave Chapa helped me find an awesome HVAC contractor whose responsive quote and guidance made a big difference.And numerous BP folks have educated me on their infinite wisdom of the flat roof.

https://energytoday.biz/blog/4-outdated-and-unsafe-electrical-panels-that-could-be-hiding-in-your-homeA bit of background, this property is under contract for $7.55 million, and has good bones with new roofs and a new pool system.

Talking with my agent he suggested replacing the roof.

The roof needed to be replaced.

He'd accepted an offer of $120k before the other buyer pulled out.Link to Zillow ListingI know he's had quotes of $30k-$50k to put a new roof on and repair some structural damage due to neglect. 

We believe that the roof will need to be replaced, but we haven't been inside yet, so rehab costs are hard to estimate accurately.2) What would you offer for the property if it's something you would consider?

The house doesn’t need much besides a roof, siding, paint, and some kitchen cabinets.

The house doesn’t need much besides a roof, siding, paint, and some kitchen cabinets.

Since I do target the 15-20 year old homes, they normally have the original roof, AC, plumbing etc. so I pay attention to that and set aside cap-ex funds accordingly.