The property has a value add component to it, so I am trying to tour it virtually with contractors.My question is regarding closing/purchase of the property!

@Kelvin:I share your sentiments: most residential real estate agents can sell a home to Dick & Jane Public, but can be detrimental to an investor.  

Plumbing and other electrical components have been updated and maintained, but will still be scrutinized during inspection.Comparable rents in the area are reaching as high as $1,350-1,400 for 4/2's and 3/1.5's that will be upfit to the same degree.

I would say that if you're rehabbing with over $30k you would do a full gut on all the major components.

There are so many components that can make or break your success in this business and would love to hear what has worked for others and see if it may be applicable to my scenario.  

If the place isn't riddled with holes, has working heating and cooling components, you're not going to get by writing an offer at HALF price... and then exhale with frustration like you're super surprised...

All electric has been updated, plumbing updated, plaster walls have been replaced with drywall, has a metal roof, has 5ish yr old heating/air.I am not as familiar with structural components to a home, which makes me skeptical on such a old home. 

However, the amount of the interest rate and inflation rate is a more important factor.In an inflationary cycle not all components of the economy rise by the same inflation rate.

You need detailed measurements so you can accurately estimate your materials for each building component, down to the last screw - I assumed a 4 room structure, the costs will go up a tad if there are more walls in the layout.I can tell from the pics that the framing is not all done - you have a header dangling out there without support.

In SFR or smaller MFU there is an emotional component because people are after all "going to live there".