Read J Scott's The Book on Estimating Rehab Costs.  

If you don't know what the rate would be you need to make some calls and get estimates, then run the numbers in a pro forma to see how much the $1,500 will cover and if you have to pay any out of pocket.By the way - I don't invest based on sentiments.  

We have a vacation rental in San Antonio, and the numbers look something like this:Market Value of the Property By Itself:  $166,000Value of Furnishings, Appliances, Etc:  $17,000Net Income for 2015:  $21,000 (converted to a short-term rental in March of last year)We have accumulated a great portfolio of reviews, etc, but we're are looking to utilize the proceeds from the sale of this rental to re-invest in a commercial property. 

However, If that number is off by a few hundred a month, the single family residence goes from 15% CoC return to nearly 10-- and 12 is my cutoff.1- in your experience, how good are those estimator service numbers?

This is my first time trying to analyze an actual property so here are my numbers.Purchase price:60kCash to close: ~3k(Im not totally sure how much I will have to bring to this deal as of yet.. so here's just an estimate)Income;Monthly rent: $775Monthly Expenses;Mortgage: ~$300Property Tax:$95Insurance:$75Property Management: $75Vacancy(10%): $75Repairs(5%): $40Total Expenses:$660Cash flow :$115Cash on Cash Return : 21%Am I missing anything?

You also need a really good rehab estimate.

I might add that it is also in an area that i was not familiar with so I probably over estimated the ARV and over improved even if the market hadn't shifted. 

Better to have someone working on them than having them sit.That being said, I don't take multiple estimates for every job.  

You will probably have to go out of the area to get started on limited funds and after you accumulate more funds and/or resources and invest here later down the road.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.