Here is an example of how that is most acurately estimated IMO:https://www.biggerpockets.com/renewsblog/wp-content/uploads/2015/03/CapEx_Aricle_TABLE_1.pngThose are my initial thoughts with the grain of salt that there are no details about the type of unit and I do not know your market.

I currently operate out of Salt Lake City, Utah.

We had three offers at full price and the appraiser had the balls to say that salt lake is a "stable" market and barely gave us any consideration for the upgrades done.

In either case, I would take anything they sent you with a grain of salt, because I've seen incomplete or inaccurate numbers many times.

I think my hard money friends are underwriting at 80% minus repairs in my market. ya out here your lucky to get 90%  too much money chasing too few deals.. don't know about Salt lake area but that area is strong as well. its why many of the rehab flippers I used to fund have actually move to building new homes now again these are not for rental purposes no one buys or very few buy SFRs in our market for a rental.. they buy duplex four plex and mf.. those are priced at cap rates and make sense..

I've been looking into Phoenix, Salt Lake City, Fort Worth, Austin, San Antonio.

I'm not an attorney or legal professional so take this with a grain of salt.

Take it with a grain of salt IMHO.

Paul, MN to Salt Lake City, UT and I spent most of my time and focus on finding a job once I got here. 

Please take what I'm saying as a grain of salt because I've been in the program for less than 3 months and aside from obtaining my real estate license last year, I have no prior experience.