I've seen a couple of models of how this works.

I modelled a few properties that's 20-50 units and it seems once you refi and get cash out, your levered cash flow becomes pretty negative.

The home was built in 2018 so the major items on the home A/C, roof, water heater all have more than enough life expectancy left. 11/month HOA, 4,000/month CDD.

Also take a look at the grading of the surrounding ground to make sure water flows away from the house, not to the house.Siding can hide many damages, if you see patches or cheap siding recently installed, it is time to start asking , what and why.HVAC, how old, how old is the ducts, take a peak in the the registers, how dirty they are, HVAC handler closet, look for mold in this area, the condensate water drain condition and where it goes.Electrical panel model and manufacturer, google it for recalls.Floor carpet if any, I hate carpet because it hide damages and if it is secure you cant pulled it to look under, look for stains or cold spots, that is an indication of a wet spot. specially near baths Kitchen or egress doors.Kitchens and baths, old or new, try to look behind frig and dishwasher, they hide a lot of  water damages and are very subjectable for mold growth.

It also helps if you know how to code instead of just using excel, it saves you a lot of time if you can build models that can predict the cost by drawing live data from the internet.

Perhaps using the income *.75 model (where I would show a profit)?

Yes, aware of those items.

If I were a betting man, I would bet (based on the list you gave me of items to be rehabbed, the actual rehab amount will be somewhere "far" north of that $200k number.Next, what the property, or any property was first listed for means nothing...less than nothing. 

Perhaps using the income *.75 model (where I would show a profit)?

You could probably also implement a rent arbitrage model as well.