Yes, the $5,000 worth of work is a guesstimate, assuming I'm only doing touch up on flooring, water damages (maybe), etc.

I have 13 years of residential remodeling experience, operate a one man residential construction LLC, and have a mentor with 30 years of residential remodeling experience that includes 4 flips.Here are the Deal Details:$450,000 = Property Value before renovations began$350,000 = Current value of property$220,000 = Current Mortgage held by parents$160,000 = Cost of making sale ready$380,000 = Parents total investment$500,000 = After Repair Value (conservative estimate)$120,000 = Profit of project$(10,000) = Loss of current equityHere's the Scope of Phase 1:Finishing current 1000 sqft renovationNew 1000 sqft garageNew 100 ft drivewayRenovating 1,500 sqft craftsman barnNew septic systemNew water wellAdditional Information:Despite that the property could sell currently for $130,000 net and the estimated profit will only be $120,000, my parents still want to continue with the project. 

This is local.I use 8% vacancy in my underwriting.Bump CapEx and repairs to 15% combined.Did you verify the water/sewer expense with the city?

If you don't have good numbers on your deal, you're dead in the water. 

I would like to get a list of all county properties that have had water/sewer services shut off for more than 3 months." 

Call the local water authority and get the last year's bills.What about lawn care, snow removal, and admin/professional fees?

They were in the deal, come higher or hell water. 

I am seeing people pay 275k for dilapidated 4 families with 50k deferred maintenance renting for 625/mo/unit and LL responsible heat and water.

(Water left on etc).

With the water supply lines underneath the home, it's important to wrap them in heat tape and make sure the skirting is always secure.