If you want to learn more about estimating rehab cost I'd recommend the book from J Scott, you can buy it here in the BP book store.What drives cost more than any other factors is the length of you SoW, it's always the additional things you didn't think about that drive cost over budget, like replacing gutters, sealing an old well, replacing drain lines, running wires into ceilings without fixtures, replacing concrete flatwork, fixing exterior grade, removing a dead tree,..New construction is about $250 and when you think about it a gut renovation can involve everything minus the basement, framing and roof trusses (and sometimes even that when first time flippers think that an addition on the back of the house can't cost that much..!!)

They basically set up a range and more importantly, a ceiling for rents in that area. 

They would choose to texture walls and ceilings instead of actually repairing them because it’s the cheaper route.

The ceiling had a crack in it and I had someone look at it last Thursday who said it would be okay until today but it collapsed that night in my tenants uncovered old bed and will now need fiberglass cleanup.Forunately no one was hurt but it seemed like too much of a coincidence as it fell from the side of the ceiling that was less sunk so I think she expedited the process by poking at it to try to get a new bed and is now demanding everything in the room be replaced.

This could be a huge selling point in the future when rates rise to their equilibrium point without the government establishing a rate ceiling via policy.If your spouse is a vet you can each use your eligibility individually.The potentially negative things: You have to live in property for at least a year.

And it takes a huge amount of hours and money to get a run-of-the-mill place shaped up into a true vacation rental.6 units and I'm upgrading ceiling lights and bathroom and kitchen faucets because they are blah.The walls are blah and the floors are blah and the ceilings are blah. 

@Jason Hahn, I answered a similar question in another Forum post yesterday, so I'm copying/pasting from that response.Unfortunately, what Section 8 will pay isn't usually as simple as just finding the payment standard or online HUD amounts.Typically, a Housing Authority will pay a "reasonable" rent for the unit (basically a comparable rent amount to what similar units of same size/amenities for market units in the area) up to the payment standard.So I think of it like this - the "rent reasonableness" sets the first ceiling.

Raise your floor while keeping your ceiling extremely high.Investing in multifamily syndication and funds is your answer.

Even in nicer markets like Annapolis the average rent is only $2000/month, which creates a really low purchase price ceiling.

In addition to at least 13 of the 17 building systems that need to be upgraded, all ceilings, flooring and plasterboard or wall surfaces in common areas must be replaced; and ceiling, wall and floor surfaces in apartments, if not replaced, must be made as new as determined by DHCR.