I’m estimating renovation costs at around $150,000.

Estimated current value $325k-$350k What made you interested in investing in this type of deal?

You can put the SEV value in this website for a tax estimate.  

From there we identify properties that could have some potential and if you are interesting in diving deeper, 1) we do a thorough video walkthrough to give you a realistic look of the property, 2) we give a ballpark estimate of rehab costs (we do 40 a year with our GCs o we will get pretty close), 3) we talk through market rent with our property management team, ARV, and potential highest and best use.Ideally you find great investor agents who know their market really well and have a network of resources to provide you with enough confidence to take reasonable action. 

Had to come up with the contractor's estimate too.

I think those rent estimates are realistic. 

@Chantel Holsather "the estimate I got last summer was $12000" - Did you mean to say $1200?

To estimate expenses, consider setting aside a percentage for management fees, plus costs for cleaning and utilities.

Quote from @Jeffrey Bourque: ARV $350,000 - $400,000 3bd 1 bath 800sqft estimate rehab $70,000 purchase price $200,000What are your thoughts and should I do it? 

But on that note I do use about 4 different data sources for comp'ing the property's rental price estimate for my clients.