We even had a mason look at it (brick building) who already gave me an estimate on how much some necessary brick work will cost.It is a mixed use, commercial on bottom, and apartments on the 2nd and 3rd level. 

The house I purchased was recently renovated so rehab wasn’t a factor in this deal, but being a STR I wanted to go with higher quality furnishings that would stand up to more abuse. (2 years in and that has paid off so far) But I went about 20% over my estimated budget.

It allows you to play around with average nightly or weekly rent rates and number of weeks rented so you can find your break even or estimated profit. 

Calculating an ARV seems to be an easier task, because I can evaluate the sale prices of similar properties in the area, with respect to size, quality and location.However, estimating rehab costs is difficult.

Different websites estimate between 5% and 10% appreciation in a year!

Won't the estimated value of the rents be calculated towards the monthly mortgage? 

I was wondering if people have found rentometer to be an accurate tool to estimate rent rates.

We have since gotten estimates from contractors.

The key is being spot on with your ARV estimates and avoiding leaving money in the deal. 

Hey BiggerPockets,Does anyone have estimations on converting two car carports to garages?