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. 

Hello everyone,I have a 3 rooms that need to be repainted.

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.

You'll have drywall cracks, so you should factor in drywall repairs and repainting. $$$4.

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.

Ive done a pretty good job before but would advertise after the old tenants moved out and I had repainted and repaired any damage BUT I missed out on rent until then.

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.

Missed 2 months rent, paid a property manager twice to find a tenant for the house, spending money to deep clean the place, repaint, have carpets cleaned, replace lights, etc...  

If this were mine and I like the cash flow but don't have a firm grasp on property management I would pay a house cleaning service a $100 bucks or so to clean it from top to bottom, get a handyman to fix any small minor repairs $500 at most typically, and then I would sell the house as is for full market value (10% over market value if you decide to fix all damages and repaint).

If you are not retaining, you might want to put some rehab budget to do at least repaint (clean carpet or replace carpet) @Brandon Turner has done a lot of webinar live examples how he have calculated numbers.