When I bought it, the returns were looking nice at a $1,100 per month rent estimate but it's nice that when construction was completed the market rent was $1,275 per month so that was an extra bonus of $175 per month per unit (or $700 per month total) over my initial cash flow projections when I signed the contract to buy the properties.

I estimate the ARV at about $320,000, which was about $72,000 in equity capture.

It is a 5bed 2ba home.Originally, I planned to use the BRRR method to refinance the home for my estimated ARV of 110k and pull the cash out to fund the next property.

It has forced air heat, but no AC with my estimated cost of $5k  Paint, fixtures, etc throughout $5k. 

- What would be good estimate for this rehab?

1 - Don't buy a rental property based on a budget, unless that budget is based on the calculated cash flow and/or profit you can make, as long as the analysis done to arrive at those "calculations" were done with real numbers and not estimates.2 - Don't make any sacrifices on a property you want to turn into a rental if the sacrifice you make will be a sacrifice to the renter.3 - Don't take the attitude of "just getting into the market". 

Leave some margin in your estimates for surprises like foundation repairs (or get an inspection before you make an offer).Be careful that you don't end up paying too much when purchasing from family.

Is the billing from the past showing actual readings or estimates?

Even if I know what rents I'm going to get I still need to estimate the cap rate to determine the value, cap rate is based on purchase so how does that equation work?

We estimate the remodel at 25K.