Is this accurate?

Not sure how much further you've narrowed down your list, but your list should be mostly accurate with the data they have.

It's a gamble.

Is that an accurate number for the property in your area?

You definitely want the inspection prior to purchasing so you know your Reno costs more accurately.

After a few, it because exciting-- because you know the unknowns, costs, and estimate rehabs more accurately. 

The few that had performed similar exercise typically were on condo boards and had to do this exercise for some reason and those people were not surprised by my numbers.So I believe my numbers to be as accurate as I can forecast but I have had some surprises such as I still have a working 1956 furnace (In San Diego where this unit is located the furnace gets used less than 30 days a year). 

But remember, their first concern is going to be making sure they can get their money back; which goes to your competency in analyzing a property, being able to do an accurate rehab estimate, knowing and being able to prove the numbers of the deal.  

Current StatePurchase price: 77500All in: 23902Balance: 57038Rate: 4.125Monthly P&I: 281Monthly Insurance: 82Monthly Taxes: 135Management: 76Monthly Vacancy Reserve: 48Monthly Capex Reserve: 85Monthly Repair Reserve: 59Rent: 950Monthly Cash Flow: 202  Possible RefiZestimate now (Zestimate was accurate -- within 1k -- at time of purchase): 108346 New loan (75 LTV, with 3k for closing): 84260Estimated New Rate: ~5.125New Monthly P&I: 281Cash out: 24000...New Cash Flow: 33

Perhaps they are gambling on the fact that many towns in the area have eventually done away with rent-control or have allowed renovation programs so rents could be raised?