Hey @Scott Lepore - You nailed it on that one, the deals are getting harder and harder to find but they are out there.

Ie it is down to the nails? 

I think you hit the nail on the head when you mentioned looking to "value add." 

I took extensive video and pictures when i moved as the house was not, to most people in move in condition, obviously cleaned but very cheap and very old carpet, large areas of rooms that weren't entirely painted weird hardware sticking out of walls, screw holes or remaining screws and nails, several patched but not painted areas, tons of areas with drawing, water, oil marks on the walls (from a centimeter to 1 foot) etc etc! 

If you see nail heads in the long edge grooves you’re likely out of luck.

If an HML covers 100% of the acquisition and rehab, you'll get nailed with high fees and interest.

As with any type of structure check the door and window openings for sagging and major cracks, older homes did not use metal hangers for support oftentimes these structural members were simply held together with a few nails that have worked themselves loose over time.

I expect to spackle nail holes and wipe down counters and cabinets to make sure they are "double" clean, but I am local.

No you don't have to know the number but you do have to know that it is on someone's budget that is already in your budget or it is coming out of your pocket in the end.If you DON'T know how much every single thing costs from nails to AC to inspections that is fine.

@Nicholas Aiola nailed it as usual!!!