How much rehab is too much?

[David Kuhlke]

Hello BP community, 

For a SFR rental property, how much rehab is too much? I am reading David Greene's book on long-distance real estate investing, and he talks about buying properties in distress and rehabbing them-- "Finding the deal" as many would say. The question though, is how much money is too much for rehab costs? I've seen deal analysis examples showing rehab costs between $1,000 to $5,000. Here where I live in Portland, OR, $5,000 will only go so far in a rehab. What are the realistic rehab project(s) possible with $1,000 to $5,000 budget in the Midwest?

Thanks, 

David