Your standards can be even tighter based on bedroom size, flexible space, plumbing capacity, and other factors.Check out the Keating Memo from HUD to learn more: https://www.hud.gov/sites/documents/DOC_7780.PDF

He earned quick money as a wholesaler, and I have a house to keep)Rehab cost: $20k (vinyl floor, interior paint, new dual pane windows, new toilets and bathroom vanities, lights, new landscape, new AC condenser, all done by handyman, spent some extra money for minor plumbing and electric jobs, hydro jet sewer lines, clean up attic (had mice), added some insulationTime spent: 3 weeks (two handymen for the first two weeks, one for the last week)Value after repair: probably around $440kJobs still need to be done later: some dryrots, roof work (it's tile roof, roof doctor quoted me $9k, handyman said probably $5k, home inspector said $15k you can get a new shingle roof.

If there is an area where you are not as confident like plumbing, electrical work, etc... then you can always find a subcontractor for that. 

You also need money for the what ifs (what if there is a plumbing issue, an appliance breaks, etc) and then planning for the long term (roof).

In these instances, you'd have to check things like flooring, plumbing for leaks, roof for leaks, hot water heater, and heating and air conditioning units. 

I was talking to the guy that found me the deal and he said it has a Federal Pacific electrical panel and he's saying I'll have to rip out all the sheetrock and redo the wiring in the house as well as the plumbing because it has galvanized pipes.

I am a week away from COE.Buyer's sewer inspection report came up with the following:"CAST IRON PRESENT: The age of the plumbing system should be taken into consideration.

Plumbing roofing electrical hvac water heater everything is new so Im not expecting nothing major for at least 5 years.

This includes PM's, inspectors, lenders, GC's, and all the subcontractors you need (electricians, HVAC, plumbing, etc.)Would love to connect and talk more about investing in Cincinnati.

Cash Flow: Older Property: Yes, an older home might need costly repairs down the road, such as roofing, plumbing, or electrical upgrades.