$315k * 70% less $60k rehab = $160k should be your max offer, and that's if the ARV and rehab numbers are spot on.  

If it is then what Chris wrote is spot on, this contractor is not qualified to do the work. 

Multifamily has become an attractive spot for those investors to park that capital.

We have seen spec homes in new construction slow down, not a crawl but very slow on starts. 

@Jason SniderYou are spot on Jason.

@Brandon Sturgill Thanks Brandon I understand the risk in chasing Cap Rates but there is an area in every city that is a sweet spot.

Check the ducts, check under the house (one had a decaying raccoon in the crawl space under the house) and unfortunately, something could have gotten into a wall somewhere.

One week later, he came crawling back to ask us to offer again.

Assuming it's not an A+ luxury unit in the most desirable part of town, then I'd usually recommend a plastic shower curtain instead of a glass door, because it costs much less and can be changed easily between tenants (whereas a glass door often accumulates water spots that can be difficult to fully clean after a few tenants...and, as you mentioned, if a tenant breaks a glass door, that could be a costly headache).Also, assuming it's not an A+ luxury unit, I'd usually recommend going with a fiberglass unit (either tub or shower) instead of tile, because tile is usually more expensive, and it can be more likely to begin leaking, and it requires more upkeep.

Start a spreadsheet and do this until you feel confident walking a property and estimating cost on the spot from all of your entries :)