Of course it was a foreclosed property but was vacant for more than four years i.e. gas line was disconnected from outside, plumbing issues, water damage and so on (many surprises).

Josh, Brandon and their guests have taught me so much about REI that I'm surprised I can even hold conversations with agents and investors!

So I read through all the responses and I am surprised that no one has mentioned this, so here it goes.

Even though I felt I know how to estimate rehab costs, this house was "one of those" that had more surprises then I wanted.  

Don't forget to add a picture and more to your profile, you would be surprised how much it helps.

I would not be surprised to see that kind of bill; about 12 years ago I had a busted pipe that flooded out my house and the electric bill from the humidifiers and fans was over $1,000.

Here is where you separate yourself even further from the other investors and buyers.I used to get surprised if they called me after a meeting or a phone conversation I had with them a year ago, but by continuing to send them letters and postcards, they remember me and call me because I was first on their minds.So, if you will treat your real estate business like a doctor’s by understanding and diagnosing a Seller’s problems, you will make just as much as doctor and even more.

I think you will be pleasantly surprised how many want you to work with them.

Surprising how different taxes can be for different houses.

I know certain marketplaces require milestones to be met during the multiple draws of capital, which prevents a big surprise at the end from happening.