Hi Scott,There isn't a whole lot of information to work with in your post without knowing where the home is located (to see if your rent estimate is good), whether the maintenance cost is reasonable given the age/condition of house, etc.The two main questions I'd have on the info you did provide are whether you're accounting for vacancy, utilities, and property management costs, even if you're initially expecting to self-manage.Regards,Mike

I reviewed the pictures, had an inspection done, estimated rehab costs and then made an offer.

Careful with those neighbor hood estimated...

Hi BP members,I found a burned down house (big hole on the roof, broken windows, and it has been abandoned for a year or longer according to the neighbor) and surprisingly, someone mowed the lawn because it looked neat.I estimated the ARV around $110K to 120K.  

Estimate life or roof, mechaniclss, appliances etc and then fig out a monthly number.  

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Lawn, bark dust, trim shrubs, wash windows.Paint interior.New flooring.Do heavy cleaning to tub, sinks, faucets and appliances early to evaluate whether they need to be replaced.Other cleaning, repairs, and replacements.Install smoke detectors & CO2 detectorsPrior to placing ads, the following needs to be decided/ready: estimated unit availability date, how to handle utilities, market rent amount, deposit amount, any updates to application, policies, or screening process.

I use J Scott's book, The Book on Estimating Rehab Costs. 

I am trying to get a decent estimate so I can see what price I would need to pay for this house to get a deal done.Any help would be really appreciated, I am sure someone out there has dealt with this type of thing before.  

I started thinking how much I would want to kick myself if I purchased a property now but could've waited and got it for possibly ~20-40% less (just a quick estimate).