I live about 50 minutes from the unit - on a good day, before the afternoon commute traffic makes it unreasonable to drive there.So the current PM called one morning & said there was a leak from upstairs bathtub showing up in downstairs ceiling.

You just want a ball park, and I can give you that.In general, I categorize flips 3 ways; lipstick on a pig, light rehab, and full gutLipstick on a Pig - $2K-$6K - This could be as little as giving the property a GOOD cleaning, to repainting, replacing some light fixtures and ceiling fans, buying new appliances for the kitchen, and cleaning up the landscaping. 

Single Story 3 bed 2 bath 1585 sqftPaint Interior - 1585 sq ft - $1.9/sq ft = $3,000Scrape popcorn ceiling, texture, and paint - 1350 sq ft - $3.1/sq ft = $4,185Remove old carpet and install vinyl plank flooring - 1175 sqft - $5/sqft = $5,875Replace carpet with new carpet - 410 sq ft - $2.2/sqft = $910Remove dead grass and install sod - 1850 sqft - $2.1/sq ft = $3,850New two car garage door/opener/track and installation = $1,500New window and installation = $250 eachBathroom remodel - vanity, mirror, light, toilet, demo and build back new tub or shower with ceramic tile - $4,500Kitchen remodel - 30sqft quartz, 12ft upper cabinets, 12ft lower, backsplash, sink/garbage disposal, $9kThere are many more items to be repaired/replaced but I realize this is turning into a long post so I will stop there.

There was only one house I went to my ceiling for and it's because I really wanted it (still do).

(House was in Highland Park, Los Angeles)Purchase price: $600kRehab: $94k - Full rehab: new layer of shingles on roof, 13 new windows, all new doors, new laminate floors, new 3' front retaining wall, full gut kitchen (new cabinets, quartz countertops, tile backsplash), 2 full gut bathrooms (new tub, floor tiles, wall tiles, vanities, faucets, toilets, vanity lights), converted one closet into a washer/dryer closet, created a master ensuite with a hallway bath, opened up some walls, recessed lights throughout, scraped popcorn ceiling, installed new HVAC, interior paint, exterior paint, stucco repair, new landscaping front and rear of house, new wrap around deck, installed double french doors master bedroom and garage, to new tankless water heater, new exterior lights, updated light plumbing and electrical, new garage door with motor, and some other normal repairs like replacing drywall, floor boards, and replacing some wood trims like facia boards.    

Too low of a ceiling for rents.Unless you want to put a ton of cash for a down payment into this deal I would keep looking.

I underwrite the deal to accomplish that and that's my ceiling.

Do a "take off" of the materials you think you need (think drywall, take SF of the walls, ceilings, etc. and determine how many you need, how much compound, tape, corners, screws, etc...) and do the math.

The seller has not addressed these issues and presently has $60,000 in fines from the city.I have viewed the property and I have estimated the repair costs to be around $125,000 as it needs a new roof, foundation work, windows and doors throughout, ceilings replaced, kitchen, bathrooms etc etc. but the ARV based on an identical property 5 doors down selling a few months ago I estimate to be around $575,000.I spoke with the owner and they presently have a cash offer of $270k minus the fine balance at closing.

Roof leaks can go undetected for a long time in bank owned properties so inspect attics and ceilings