Many factors contribute to the viability of a property beyond price and gross rents.

Contractors (and every business for that matter) will slap on a PITA profit factor if you are not careful, especially in this market where work is plentiful.

These are all factors as to what type of property you can use.

Also if in your price range is mostly cash buyers or most use finance instead.There is a HASSLE FACTOR that sellers often do not compensate for.

Does anyone have any calculations that help them decide how much cash to put into a property factoring in opportunity costs for that cash?     

I don’t need them to help me run the RI business but I do need them to factor it in properly to my overall financial picture and retirement planning.

According to RS Means national pricing list, Alabama is close to the National Average if not a little cheaper.There are also a number of factors that can influence costs, but the pricing assumes a 3 bed, 2 bath 1,500sf average grade rehab. 

It would depend on multiple factors.

This, combined with economic factors such as the California exodus (and other migration patterns) lead me to believe there will be long term growth here. 

So depending on size and other factors you can budget another 5-25k for a rewire and Drywall repair.