Splitting out the electrical systems alone could run $20k+, since you might have to basically rewire the entire house. 

Also stay away from master electric and gas. 

I drove to the property,to get a Feel for it. next, scheduled walk through to check main items, Plumbing, Electric, furnace, Foundation, Roof and I used the Realtor to negotiate it because it was my first real deal.

The area has a lot of nice older homes, the neighborhood and houses all look well taken care of, and the major area that everyone in town wants to live in with a mall and the airport is 20 minutes away.It's hard to find such cheap housing of course in a decent area close to everything and rents haven't been raised in 6 years, so I am running the numbers at $400/month per unit, 10% capex since I don't know the condition of the water electrical etc, 8% repairs, 4% vacancy, 10% property management.

The home is selling for $99,900 and I will be renting out the rooms to University Students for $575 each with all utilities included-trash, water, electric, wi-fi.

Just needs new kitchen and bathrooms, appliances (not sure about home systems like furnace and electrical though). 

If it’s older you may deal with boilers,casement windows, outdated electric, outdated plumbing, etc.

There is not the time or opportunity to do a full inspection (water and electric are turned off) so I need to assume everything.Here is my somewhat rough estimate on the rehab.It is possible that I could rent it out without full bath rehabs and maybe the roof can be repaired. 

In my experience, retail buyers AND appraisers overvalue nice kitchen and bathrooms, and undervalue less visible items like plumbing, electrical, age of roof, windows, etc.

Look it over, especially for things like type of electrical wiring, heat-does is include all rooms, and old termite and dry rot damage.