Insurance probably sent an inspector who gave a ballpark repair cost in addition to the cost estimate the clean up company provided.I'm assuming you used the clean up mitigation company the insurance suggested, who may not be your best choice.Get another estimate to return the property to full glory, cost for paint, glue, dumpsters, every nitty gritty drywall screw, plus putting your tenant in like kind housing.

I asked my realtor for a PM referral and I talked the PM and he said it sounds like a decent deal and I researched inspectors online and the inspector went and checked it out and he said it had good bones and he said he'd buy it as a rental property.

I've used them (not sure if I can name, but starts with an R and ends with an A) on about 6 or 7 of my deals so far and its true 100%, no money down financing.The only catch is that they cross collateralize against other properties you own - including your primary residence.But they close and are very thorough.Their appraiser and rehab inspectors are very good too.

Get good at knowing what to look for so that you can make quick decisions without having to wait for an inspector.

Next time on a MAJOR renovation project, I'd have the City of Johnson City Building Inspector join me for a pre-purchase tour to tell me what permits and what jobs they'll require of me.

For ground-up inspector spec or builder development, we're usually topping out at 80% of cost (land plus construction plus soft costs) up to 70% of As Completed Value.

All of that work would of course follow the NEC, local code requirements, and be inspected by an approved electrical inspector.

@James McGovern   I see you are a home inspector. 

Next time on a MAJOR renovation project, I'd have the City of Johnson City Building Inspector join me for a pre-purchase tour to tell me what permits and what jobs they'll require of me.

I have had an inspector come out and he was able to see the basement and 1/1 unit.