I just renovated a 2 BR / 2 BA single family built in 1900 and it was 55K.Also, there's no such thing as "ARV 200-300K" - you need to conservatively estimate the ARV and come up with a much narrower range.Finally - are you local?  

Lately I have seen a lot of value cuts, so also plan on the conservative side.

Some areas are very conservative and landlord friendly and cheap to buy.

This number does not include the time it takes to drive to the target neighborhood or zip code - so lets be conservative and add another 3 hours since you would have to do multiple trips to your target neighborhood or zip code to review 10,000 homes.

The pitch was basically $15,000 for 0.5 acre parcel on an under-performing commercial coffee farm his group acquired with the expectation of a conservative 13% annual yield.

I have CPA but he is very conservative and I believe I am not getting full tax benefits But neither me nor my wife qualify for real estate professionals I will call you tomorrow ThanksJagan

We have put 5% for capex and maintenance on our numbers and we are wondering if that is too conservative. 

If you want to underwrite a deal conservatively, you should in theory look at the average short-term rental income and occupancy rather than the top, especially if you're starting out.

Bring a lot of extra cash and underwrite the exit conservatively.

My approach is I do a conservative underwriting and expect typically to outperform the underwriting.