So, get your own estimates for the work.That said, every rehab is different and every rehabber is different, but I flip a lot of properties built in the 1998-2001 timeframe, and routinely do a lot more work than that:- Replace cabinets/vanities- Replace countertops- Replace appliances- Paint inside and out- Replace all flooring- Replace all finish plumbing fixtures- Replace all fans/lights- Replace front door- Replace any failed windows- Repair rotted/damaged siding, soffit, fascia, gutters- Replace all outlets, switches, plates- Basic landscapingWhile you may not *have* to do all that stuff, it certainly makes it easier to sell properties in this tough market...Btw, all that stuff typically runs about $20K in my area and with my contractors and basic level of finishes.

The contract will frequently include more information than you necessarily need for every deal.

-Remove popcorn ceiling-Remove carpets-Smooth and paint ceilings-Lay LVT flooring throughout-Remove upper cabinets to open up kitchen-Replace cabinets (kitchen & bathroom)-Replace counters (kitchen & bathroom)-Replace sink (kitchen & bathroom)-Remodel bathrooms-Replace sliding doors for closets w/ mirrored ones-Replaces door frames and doors-Replace knobs/fixtures that we’re painted white-Hang new curtains-Replace ceiling fan and other outdated fixtures-Add baseboards-Remove turf that’s not turf from lanai-Replace with real grass-Lay stone tile for lanai-Replace cracked windowsI’m pretty sure there’s more I need to do but can’t think of it.

Ya know @Rick Turman that marketing scheme was the first I recall to grab me to try drinking their beer and I’ve been a fan ever since.

They frequently miss their own deadlines.  

I was able to do it from an adjoining unfinished laundry, so I did not have to open the wall.Making sure the lower and upper bath have good ventilation (powerful, working exhaust fan).

New buyers frequently complain about how this is "unfair"...until the value of their property goes up (at which point you don't hear a peep LOL).The good news is that no matter how much the market value of your property goes up the tax only increases a max of 2% per year,meaning that Year 2 your tax won't exceed 1.02% of purchase price, third year 1.04%, year 4 is 1.06% etc. 

I am a huge fan of house hacking, and Chris Seveney mentioned it above.

That is part of the business in this class of rental and is a big part of why the returns are frequently triple what you see on higher rent properties.

I am not a fan of realtors or brokers and your example is another reason why.