If you are going to do it yourself, then take your supply cost + a reasonable hourly rate.

Home is being offered under market value so I would rather not have to put 20% of purchase cost as a down payment.  

It may cost a little more but what will an audit cost you? 

Point taken on the rent my room strategy and the renovations cost as well, thats why I want to find out the ways to analyze it for rental potential and then see if numbers will make sense.

If they did they would have to foreclose and it usually cost a bank $10,000.00 - $20,000.00 to foreclose.

New construction properties may not cost as much as in California but I assure you it is more than "next to nothing."

I live near Richmond, but I am happy to travel over the mountains to go into Staunton or down to Lexington where there are as many good entertainment options as C-Ville and they don't cost as much.  

It will be cost prohibitive to add a tub and will not increase the rent in a meaningful way to justify the cost. A

I think some others see success with STRs in other areas that might not cost as much but could still have strong-to-decent STR demand in respect to Pgh as a whole.

After a few weeks, they may prefer to list it with you for that additional seller commission cost as opposed to dropping their FSBO price.