Expenses for initial repairs before renting are usually capitalized and depreciated.

My view if/when 10yr yield rates come back down to sub 3.75, there'll be a lot less dry powder on the sidelines after the initial euphoric lift which may be influenced by seasonality but will not show any real course of duration.

My initial guess would be look at 1 bed 1 bath rentals in the area but is that the best way to estimate?

I can tell from your initial post, that your former co-workers (...you've really got to love saying that!...)

I would focus on "Ugly inventory" but would pass an appraisal and not be "Subject to" so that I can renovate and refinance on the ARV in as little as 6 months to pull out my initial capital and enough to put down on the next REI.On the flip side Indiana and Ohio would also offer a sale price to cash flow ratio since you can still find a great deal in both states.  

If you had eyes on the property and have a good idea on all this you can hit the HML for all the costs and take draws after the initial acquisition to do the rehab for the rest of the amount.

They analyze components such as cash flow, principal paydown, appreciation (both home and renovation), initial equity, depreciation, and interest deductions for tax savings, giving you a clear picture of individual gains and ROI over 30 years.

They book initial call to see if you are a good fit, well I will say everyone is great fit who wants to pay them money.

And a revocable trust which again no annual cost just initial set up.

I inherited their services when I purchased a sec8 rental property and initially decided to keep them, assuming it would be the simplest solution.