I estimated that it was worth $183,000 based on a few local factors and the sellers scoffed and stated their number was $215,000 once it went on the market.

Building is vacant at the moment so these are all estimates.

This may sound harsh: If you don't have time to learn how to estimate rehabs, do you have the time and money to cover expensive mistakes?

Hello Everyone,I put in an offer on a property and looking into getting some estimates from companies who can pour asphalt/cement in a 4,000 sqft lot to create parking lot.

We lived in the 2 bedroom side of the property for a year, keeping the current tenants on the 3/2.In June, 2017 we increased rent from $800 to $850. 6 months after that, we purchased a home to live in (with our 2nd child just 3 months old) and moved out, intending to renovate the 2/2 we'd been living in.In August 2017, after moving, we started renovations, which (of course) took longer than expected and cost more than estimated.

Check out the sold comps in each area to give you a ballpark estimate.  

Then figure out an estimate of what the MIL suite would use and add that into the rent.Example: Average cost of all utilities is $250 a month.

I have the price listed well below the estimates, and it's price per sq ft is well below average.

I have the price listed well below the estimates, and it's price per sq ft is well below average.

So those may last another 3, 5, 7+ years (if you haven't recently replaced them), but you will want to budget for them in your calculations.You could potentially account for less in your budget for vacancy, repairs, and cap ex, and you might be able to show an estimated positive cash flow, but in my short time on this site, I think most would suggest that in your budgeting, you should budget more for those expenses, rather than less just to try to make a deal "work."