You want to be equal or better then the competition and be able to stay within budget. 

Perhaps the inspection can reveal your biggest contingencies and associated costs and you can budget for them in your counteroffer.Mike

The time stated to finalize this deal suggests to me the buyer has had time to get further educated but still if the numbers really make since to you maybe you have made a great deal.If you can implement tight controls and your contractor is reliable to bring the project in on time and within budget then things should turn out good for you.

I have a certain amount of money in the personal budget that is being set aside for our real estate ventures.

Assuming you put down 25% at 4% interest, your debt service will be almost $1,000/month, not including taxes, insurance, utilities, maintenance, repairs, capex budgeting and vacancies.  

I am in need of a semi-budget friendly tile installer in the Lexington, KY area for a couple of our flips after ours has gone MIA.

Honestly, it depends what you are doing with this house and what your budget is.

They will be on an extremely tight budget and need an advocate in this process as they must make a decision between buying and renting. 

Looks like your plumbing and electric budgets are healthy at least to get up to code.  

In the past year I have become very interested in investing and becoming smarter about money management and budgeting.