This is to repaint and replace flooring.

At an 8 cap resale is 600,000Take 600,000 minus 6% commission = 36,000 Also factor 20k in closing costs and legal for resale600k - 56,000 = 544,000If the units are totally stripped rehab varies by area with parts and labor but figure if windows, roof, mechanicals, parking lot repainted and sealed about 13,000 a door depending on size of the units and mix.20 units by 13,000 a door = 260,000 in rehab600k - 260,000 - 15,000 when you purchased for inspections and closing fees - 56,000 listed above for when you resale as a seller is 269,000.So the most you could pay is 269,000 for this vacant building and have zero equity after rehab and just have the cash flow working for you.

Thanks @Brian, to clarify, you need to estimate for a full repaint (not touchup) in your repair numbers if you expect to wholesale to a rehabber.

So someone grabbed the property at 1 million, made improvements (added security gates, repainted, redid interiors of units, etc) and now is trying to get a premium price for it. 

After, if the tests come back positive for lead, you'll need to get it remediated by scraping and re-painting. 

Then grease fire got on ceiling above stove for about 7sqft, only repaint needed, 2x2 piece of drywall needed to cover bottom side of airduct in basement.

Rent is reasonable for the area.The mobile was completely re wired and re plumbed, cleaned up and in the process of being re painted and carpeted when she moved in, early.

For example the 15% property above was in perfect condition and had been professional repainted.

I repainted the interior, had carpets replaced, installed ceiling fans, and did other cosmetic updates.

Maybe they'll trash the place, but I can replace the carpet and get the whole place repainted if needed without touching cash flow.4.