The house I looked at had the kitchen and bathrooms completely gutted, water damage and was a general wreck.

In other words its like Clue..Was it the butler in the kitchen with the butcher knife or the broker in the office with the letter opener.

I haven't had a heated bedroom or heated bath or heated kitchen since I got here!

Then go to as many REO properties as you can and practice your skill set.Here is some more info that should help you: Break up the home into sections - Kitchen, baths, flooring, paint, stucco, landscaping, plumbing (including fixtures), electrical (including fixtures), HVAC, interior doors, door casings/baseboards, windows/sliders/front door, roof, foundation, misc., and garage.Once you know what the common costs are for each area for a specific size home, you can see how easy it will become to walk in and walk out 15 minutes later with a rehab figure in your head.

In your situation, if the appliances, kitchen, bathroom, floors and walls are clean, I would be happy.

Purchase Price: $287,000Rehab: $17,000Loan: 15% Down Owner Occupied Conventional Loan, 5% Interest Rate 30 Year Fixed.Current Rent Roll: $1750 (Owner Occupied) $3500 upon moveVacancy/Maintenance/Management: 5% for each (but I do self manage) * Rehab included new kitchens (cabinets, hardware, appliances), paint, concrete pad in the back, new bathroom fixtures, light fixtures & outlets swapped

When I decided to replace the kitchen countertop, I discovered that the builder or contractor nailed an upper cabinet that hit the main drain from upstairs bathroom.

John Doe the bartender qualifying for a 500k home purchase with a 110% LTV to wrap in closing cost and maybe a small kitchen rehab.So in short I think the bubble markets in general are becoming relatively flat with the more stable markets continuing a generous appreciation.

And yes they upgraded bathrooms and kitchen.

4 bed 2.5 bath dream home got a complete make over with an open concept kitchen that sparkles with new appliances and quartz countertops, walk in pantry, new double pane windows.