Accurate market analysis and conservative estimates are key.Underestimating Rehab Costs:Rehab costs can quickly add up.

You can use the website affordablehousing.com to see the estimated rent for that type of property and location, but it is just a rough estimate. 

I recommend getting a scope of work from your PM while you're still under contract so you have an accurate estimate of what your rehab costs will be.   

Ask realtors, run a cash flow analysis, and use conservative estimates for rent and expenses.Good luck!

I have a loan estimate from a lender that increases the loan amount by ~$3500 which essentially cancels out the out of pocket expenses, and reduces my rate to 7.5%.

For example, you can show the services you performed and the approximate number of hours spent by using an appointment book, calendar, or narrative summary.Doesn’t even need to be contemporaneous logs. 

My ultimate goal is to transition into full-time real estate investing.My current home is a 3-bed, 1-bath, approximately 1960 sqft, needing updates.

Just wanted to ask if any investors in the Austin/Cedar Park area with experience in rehabbing with today’s constructions costs had any general tips on estimating rehab costs for a property? 

During the pandemic zillow was giving more estimates but IMO they were off.

I own property outside of my home range ( approximately 2 hrs away).