The questionable cost factors are always in what you renovate, labor and materials.Two numbers you can get easily enough.

.-- (Excel was not meant for this purpose).BR1-  8x12BR2 -8x12Bath appox -10x5- with small vanity 24", 60"x30" tub and toiletLiving Room-10x13Kitchen-8x10-  about 10 LF of cabinets, about 22 sqft of counter tops.I have run some numbers and have a relatively decent idea of what I believe materials would cost per unit (around 8K), but the labor is the wildcard right now. 

@Joe Wright Don't have one myself but I am looking too.

Purchase - $28,000Closing Cost - 2,000Rehab Cost (Labor, Materials, Utilities) - $40,000ARV - $95,000 - $105,000Rent (Section 8) - $1200 - $1250 

I currently work as a union laborer out of Rockland County NY.

Curious to see how the materials and labor pencil out for that area.Again, it turned out great.

Now, I'm beginning coursework to obtain a minor in real estate (in addition to my major in Industrial & Labor Relations and 2nd minor in business).

With this method you are getting quality and saving on some labor and product waste.  

Originally posted by @Joe Homs:@Jeff Dippel  I can help you with that, but after you speak with me I may convince you that it's really NOT the time for buy and hold properties in California.

I recommend attending @Joe Fairless meet up that is in on the last Tuesday of every month in Deer Park.