Talk to them and gauge to see what they can afford.

There are all kinds of problems you can run into and important to check and scope the lines and check for proper water pressure before buying.Some owners suck out all the cash flow while owning and do not maintain the asset properly.

I have heard of LLs doing "ghost postings"  -- they post their rental before it is ready and just gauge the number of phone calls they get.  

You also need to gauge your risk tolerance.

Do you think I'll be able to get $650/month for it with central a/c, new paint everywhere, refinished floor, pressure washed house, etc.?

That pressure washing sure made a difference on the exterior.  

Does anyone know if the "Total Job Valuation" on the permit is an accurate gauge of job costs?

@Mike DymskiHi Mike,I didn't want to go off-topic but I'll answer your question in regards to forced appreciation or market appreciation.1) Forced AppreciationGenerally, I don't actually take this into account in my calculations because while it is a real value increase, I'm going to instead gauge how it affects the rent roll.

What has work for me in the past is just picking a few target zip codes pulling how many cash sales are in that area then deciding if It would be a good area for me to farm numbers and start calling around to gauge motivation!

Of course my neighbor moved in just as I finished the project - they own one of the largest plumbing companies in town ...Remodel included : Kitchen: $6,500- IKEA cabinets $3,500- sink and faucet $750- garbage disposal $350- counters were concrete and fabricated by myself $1,000 - wood trim finish $500 (opened up the kitchen pillar and island)- coffee bar $400 - appliances were re-purposed from my fathers rental (free) valued at $3,000Main bath: $3,300- over-sized jet tub $600- vanity $750- lighting $200- toilet $250- shower tile $750- Instant hot water (main house) $750Master bath: $4,200- Glass shower $1,000- Vanity $1,000- Instant hot water heater $500- toilet $200- lighting $500 - tile $1,000Master suite: $4,550- Split unit A/C donated by neighbor, install $500- Kitchenette $1,000- Fridge $100 (craigslist)- Engineered beam $1,000- lighting $1,200- Custom door $750Demo/Hauling: $2,500Flooring: $9,000- Wood plank tile in whole house (2,000 sqft) $2/sqft material $2.50/sqft labor Plumbing: $10,000- main bath $2,000- master bath $3,000- kitchen $2,500- water system $1,000- kitchenette $500- miscellaneous $1,000Electrical: $9,000- main panel and sub panel $2,500- House rewiring $2,500- Can lighting $2,000- Well pump wire $500- Miscellaneous $1,000Drywall: $3,500Professional paint interior: $2,000Water system: $5,100- softener $2,000- carbon tower $2,000- Reverse osmosis $600- Pressure tank for well $500Back deck $2,000Insulation $4,000- Sheds $2,000- Main bedroom $2,000I'd like to note that I would not have renovated as thoroughly or with same high end materials if this was a pure fix and flip.