Have the filter changed annually and you can probably get a bit of life out of a unit unless it is on its way out already.It looks like you have budgeted for maintenance and reserve.  

He says the budgeted cost is $222k per MFH.  

@Fred Romero-Camacho I don't think wholesaling HUD homes is a good investment strategy because you are already acknowledging that you have to figure out a way around something, which means there is potential risk (over and above the actual home and renovation budget) for you.

Took our team 7 months to complete the project, and we probably went over-budget $10-15k. 

(I'm really REALLY nervous about my rehab budget estimates since it'll be my first time.) 

When you budget for a property I always run my economics at 8-12% economic occupancy.

My threshold is 27% per property is left in the bank as contingency (9% for vacancy, repairs, and capex) My property manager takes her cut before the funds go into my account so I don't have to worry about budgeting that.

That is a big attic space, making your cost expectations pretty optimistic.At 1500 SF, your proposed number of 20 - 25K kicks out a budget of 13 - 16 $/SF -- which is just not going to happen.  

Are you scoping out the deals, negotiating contracts and leases, dealing with the attorneys and accountants, managing the property, finding and dealing with tenants, handling the day-to-day, keeping the books, paying the bills, taxes and insurance, managing construction, hiring, budgeting, oversight, etc if it's a new development, are you finding the lender and negotiating terms and your partners are just agreeing to be the "borrowers" or are they fully bringing the money to the table?

If I were considering it, I would need to see the projected insurance, taxes, maintenance/repairs budget, CapEx, professional services, vacancy assumption, etc.