Plans are to just do cosmetic updates inside...paint, carpet...that sorta thing.

Example: a 1,500 SF house with an ARV of 130k that needs cosmetic work will require about $10/SF or $15,000. 

You should be able to do a cosmetic rehab and come out pretty good on cash flow.

Just because lenders routinely have systems in place for a borrower (not realtor by the way) to submit a reconsideration of value request does not mean it is legal to do it.  

The 36% and 43% are numbers from various theoretical regulations with loopholes larger than the Grand Canyon that everyone routinely uses, often without even realizing that "the way it's done" is in fact a regulatory loophole. 3.

I have learned a ton by performing some cosmetic repairs on the unit which was vacant, but becomes tough when at work for 12 hours/day.

Made bathrooms functional; refinished hardwood floors; lots of minor cosmetic work;Lessons learned?

Our unit needs a lot of cosmetic work, deferred maintenance and updates.

That means easy cosmetic rehabs or wholesaling.

Then renegotiate the offer or walk away.If it is cosmetic or handyman type stuff, I generally suggest they fix it after ownership because the owner is going to find the cheapest materials and most inexperienced labor to fix it.