But balance is key—keeping some cash reserves for unexpected expenses is critical.Lastly, I’d recommend running detailed numbers to ensure the property cash flows well, even with conservative estimates.

Just make sure to research your local rental market and get comfortable estimating rehab costs.It’s a smart plan, and you’re off to a great start.

Knowledge and use of this information should help you to make a more realistic cost estimates for your models. 

Unless you are confident in estimating the renovations needed, I would highly recommend getting a contractor's professional opinion of the rehab costs.

Estimated cost for remaining changes (all new electric, drywall, tile, fixtures, cabinets, roof, doors, windows, heat pump, some siding, and fencing.

Now this property is in a class C neighborhood with a calculated 11% cap rate estimated.

/Have you been inside the property and walked it to do a full estimate of costs?

But then he said they had to have a contractor’s estimate on the Indiana house and the money would be doled out as things were completed, so could not be used in Spokane.

Analyze potential deals by estimating the After Repair Value (ARV), repair costs, and total expenses. 

For costs, if you're an investor, you can probably do a video walk through to get a ballpark estimate on rehab.