Do you need to finance the repairs or can you pay out of pocket.

Plus, the condition should match, if the house is going to require significant repairs it's probably more efficient to save for those and pay them off vs dump it all into the note.

I am in search of a Realtor in the area that has experience estimating repair/rehab costs, since I have 0 experience with this...I'm generally looking in the 145-180k for ARV , and 1.4k - 1.6k for rents. 

I have a SFH that my tenant just moved out of and in need of some repairs.

Here are my "readers digest version" numbers and explanation:Property: 3/1.5 SFHPurchase Price: $59kReno budget: $20k (went over a little so will actually end up around $22k)appraisal: $105k as isARV: $125k (estimate per appraiser based on repairs/ reno list provided)Current Mortgage: $431/ month (20% down on purchase price, 100% finance of repairs 20 year am. with 5 year balloon at 5.25% commercial loan)Rent estimate: $1050/ monthThe commercial lender should let me cash out up to 80% of the after repair appraisal as long as my DSR is above 1.2.   

  $500 per door for estimated repairs seems reasonable given the -somewhat- recent renovations. 

When you calculate your cap rate (NOI - net operating income / Purchase Price) do you include your closing costs and initial repairs in your calculation or do you just go with the actual purchase price and leave those costs out?

Calculate your bottom line using 70% of ARV (After Repair Value).Do not spend more than (.7*ARV)-RC (Repair Costs)Example: House is appraised at $100,000 *if repairs are made*...7*100k = 70k.Repair costs are expected to be $25k. 70k-25k = $45,000 (DO NOT BUY THE HOUSE IF IT IS OVER $45k)Take another look at the ‘going rate’ of rent in your area, make sure your cash flow is enough to cover ALL costs and include a buffer for taxes and unexpected repairs.Look at the property yourself - try to eliminate assumptions.Have a trusted professional assess and confirm info about repairs that may have been overlooked.Look at how much work you can do on your own and compare it with contractor rates to complete all repairs.

If the answer to that question is no then the repairs that you made to the property are capitalized and depreciated once it is placed in service.

No repairs (new paint, any sort of updates you want to do once you buy it, etc.)?