The property is located in Palm Beach county, Florida with an estimated worth of $850,000.

I paid an estimate of about 25k for each in cash.

But on that note I do use about 4 different data sources for comp'ing the property's rental price estimate for my clients.

I still have a full-time job, but my goal is to start with 1-2 flips/year for the first couple of years, then ramp up to 5+/year.Right now, I’m focused on learning as much as possible—market analysis, deal sourcing, estimating rehab costs, and raising capital.

You need to get contractors in and estimates done.

Another option is to estimate value based on potential income and market cap rates, which can give you an investor’s perspective.

Estimate is coming out around $7500 for materials and labor. 

I have another property from a family friend that is being sold  for 150k, and the estimated value is 340k. 21 acre road front property w 3/2 bath.

Would you say 1200 is a better estimation for that area for a 2bd?

I suggest the buyer at least get an estimate of the potential tax savings.