You will have to manage the construction budget with a microscope but there is a larger upside potential.  

If you were only expecting $800/month in rent, the absolute numbers are not as high (but your rent as a percentage of purchase price is likely higher in a cheaper market), so those investors can essentially afford to budget for such high percentages, because the absolute value will be substantially lower than if you tried to do that on a unit renting for $1500/month.It's just a thought I've had (and heard, I think); I have not actually sat down and really crunched different markets yet to prove it.Also, if I was househacking, I would probably handle the lawn/snow and other such things. 

I am not sure where is a better market, my budget price is around 500k or less.

Sure it's more than laminate, but one hot pan/pot on the laminate and you might be replacing it quick.I can't see the photos on my phone, but if you upgrade anything that will take abuse, and the HVAC, windows and roof are in good shape, you might be able to renovate in that $15k budget.

It's a 1,750.00 test so that kinda hurts the budget a little bit.

I have a minimalist budget $10k. 

Klamath Falls, OR 97603Asking Price: 39,990Est ARV: 95,000Down Payment: 9,975Renovation budget: 25,000 (probably too low, lots of sweat equity)Expenses (monthly):Mortgage: 151.63Property Taxes: 97.25Insurance: 16.67Property Management: 80Vacancy Rate: 40Capex: 80Results:Total expenses: 465.54Net Monthly Income: 334.46Annual Income: 4,013Gross Yield: 24.06%COC: 10.97%Exceeds the 1% rule

Utilities would be handled by tenant.Capex would be budgeted for 150/Mo.

In the meantime, while you are reading, listening and learning - get down to a scorched earth budget.  

Lastly, and probably the most important item is going through the Condo Docs and operating budgets and all that.