If you are looking for something to estimate costs for a rehab I suggest using this book that is used by insurance adjusters to estimate replacement value on items.

You should set aside some money every month (from the rental income) to account for these items. 

You say the market’s hot, what about considering:1 taking the bank’s option to Convert to a 30 year fixed term, with maybe piti of $500/ monthly (See if they will lend you 75% of the appraised value OR use the purchase price Plus a detailed list of your costs and repairs) , and then2 selling on contract or lease option at full market price+, ie $119,000 possibly on terms.Look for 10% or more down and finance them as long as your loan is for.This would recoup your initial investment, $12,000+ and costs plus profits And give you passive income of what $200-250+ net monthly?

As I learn more details about the Indy market, it seems like there is so much going on in the city with different initiatives and development that it can make these areas of opportunity.

Now maybe in a lower priced property, you don't do all of those items every time you change tenants. 

hi everyone,i am in the process of analyzing a duplex, and I've just learned some new info about and I'm wondering what I'm missing about the implications of the following details:-duplex is tenanted already; duplex is priced quite low for the neighborhood, so interior condition is unknown-property is a duplex via an addition. it was originally built as a sfh.

@Rhonda Wilson The property manager I'm looking to use gave me a pretty detailed report from Rent Range.  

Happy to share more details for those interested in my situation or want to charitably help me make some critical decisions in the next couple days.Here is Brian's article I'm referring to: https://www.biggerpockets.com/renewsblog/2013/01/2...

@Robert Adams can you  share some more details of such condos and what kind of cap rates are you seeing assuming you deal with those

Hello,Seeking guidance......I will do my best to give as much detail and keep it short.