We live in a low cost of living college town.

You should also set aside money as a reserve for vacancies, turnover costs, bad renters, or capital expenditures (roof, flooring, and other big expenses).

I'm wondering what is the current average cost, and seeking recommendations/advice.Ty 

I realize the cost may fluctuate as time goes by. 

That'll require you to determine how much the rehab will cost and pay that up front.

There was a relatively low cost to purchase and rehad the property.

I showed them the whole business model and spreadsheet...We ordered the Feasibility study and appraisalThen they gave me a Term Letter that states everything even construction cost analysis by their 3rd partyThats where we are atwe have a GAP of $2.7MWe came up with the strategy last night.. that at the very least we need $1.5M cash to pay a balloon payment by June 27 or it forecloses... the lord will not let that happen.So I have the green light from the Lord to talk to all the interested investors as He is opening up the doors of Favor

I designed a 2 bed 1 bath stacked triplex that fits on a 30' wide lot with 3' side yards and we can build it for $174 a sq ft hard cost. we do them where the land is 10% of after repaired asset value which in our market is 50k approx. we study multifamily trends and stay with it.

Just factor it into your numbers from the beginning as closing costs coupled with the potential refinance in six months.

It cost me 40k (20% down and 10k rehab).