It is a decision you make based on your reality.

You just have to learn to midtigate them and don't take on risks that'll sink you.  

If you're representing a client, (say on the seller side) and a mention comes up of this, in my opinion we're all looking right past reality to act as though these estimates do not matter at this point given that a large % of sellers and buyers lean on them for a data driven point of reference.

The caveat being that the bathroom has never had a sink in it, and the kitchen has never had traditional counters.

Is there anyone out there who could review a proforma I have put together and help me determine if my numbers are in line with reality.  

I was just adding in some new PVC under the sink when I kicked over the can of primer.

After we get the walls and ceilings taken care of I will still need to renovate the bathroom (tub is solid but needs cleaning, needs new sink, vanity, and toilet) and renovate the kitchen (needs all new cabinets, sink, and appliances).

At the end of the day, the reality is if this isn't an investment play, you should try to stop yourself from trying to make it one.

@Matt Maurice I hope a lot of new investors read your post, very slowly, line by line and let that sink in for a moment. 

However, we’d like to avoid sinking in so much into the house up front, and prefer leveraging low financing options.Thoughts?