Otherwise, there is nothing wrong with the house and the only thing that has been changed over the last 60 years is the paint - and probably only once or twice.

Search here on BP about "finding comps" and "how to value properties" that should paint the big picture for you.

Then go to as many REO properties as you can and practice your skill set.Here is some more info that should help you: Break up the home into sections - Kitchen, baths, flooring, paint, stucco, landscaping, plumbing (including fixtures), electrical (including fixtures), HVAC, interior doors, door casings/baseboards, windows/sliders/front door, roof, foundation, misc., and garage.Once you know what the common costs are for each area for a specific size home, you can see how easy it will become to walk in and walk out 15 minutes later with a rehab figure in your head.

It is a very small home (2/1) that is in fantastic condition, the owner clearly took care of it - new tile on the floors, new counter tops, roof looks great, paint is in good condition.

After removing ~5 tonnes of lath & plaster; replacing some structure damaged in a chimney fire in the building's past {estimated to have occurred prior to the 1930s before electricity was installed}; reconfiguring the space layout in half od the house {(re)moving 5 walls}; fixing additional structural and electrical faux pas by the prior owners and levelling the floors, we added ~3 inches of spray foam insulation (R18) into the wall cavities; rewired the house; and replaced all the original single pane, built in-place windows with Energy Star rated, triple-pane, windows {with glazings specific to their orientation}.We put the electric base-board heaters back in-place; by code we need to retain them as an auxiliary heat source to the ductless mini-split heat pump (2 heads) being installed next week.We are now finishing painting and trim.

Purchase Price: $287,000Rehab: $17,000Loan: 15% Down Owner Occupied Conventional Loan, 5% Interest Rate 30 Year Fixed.Current Rent Roll: $1750 (Owner Occupied) $3500 upon moveVacancy/Maintenance/Management: 5% for each (but I do self manage) * Rehab included new kitchens (cabinets, hardware, appliances), paint, concrete pad in the back, new bathroom fixtures, light fixtures & outlets swapped

Still doing some cleaning and painting along the way.

Cosmetic improvements alone, including painting, decorating, and minor repairs, do not qualify, nor does any work that can be done safely with the tenant in the unit. 

Added bathroom, bedrooms, new paint, remove popcorn ceiling, added insulation, new windows, repaired foundation, etc.What was the outcome?

I have a rental brick house I need to stain.NOT LOOKING TO PAINT!