However, we have also found side-by-side multis built from the same plans at the same time (40 years ago) which had received different levels of maintenance and upgrades over the intervening years and had diverged sufficiently that estimates from one were not readily applied to the other.As Bill mentioned, you need to learn to walk the building while "rolling the tape" in your head.

Also, are there any creative ways to do flips if you don't have all the repair/upgrade money up front?

R&M is high as the house is 100+ years old and a lot of small items to upgrade/replace over time.

The fact of the matter is that a computer can not look at recent sales and calculate for amenities, views, upgrades, needed repairs, most recent sales (until/if it is fed the new data) etc.

He said it covered upgrades I did to the inside of my unit.

The time to ask the landlord for an upgrade is prior to signing the lease.

So, I'll need to purchase 4 AC units and 4 electrical panel upgrades.

Be sure to order them with the correct color hinges to match what you have/want since they probably come std with gold, usually if you order them with say nickel or oil rubbed bronze there is not charge to upgrade.

beginning my first rehab house (about 2000 sq ft house, 2 story on a slab)

I walked through the inspection and took tons of notes. I have my list of projects and a budget. My question is this:

The A/C...

Comestic upgrades will cost $1500.Tenants pay all ulitiesRent - $1300Taxes- $190Insurance- $70Owner held loan - $180Property Manager - $130Vacancy allowance (%10) - $130Maintance allowance (%10) - $130Net Income - $470What do you think of this deal?