Labor and Materials Renovation Analysis

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I have a quick question for all who have done renovations to their rental properties before. When you are budgeting for renovations to fix up a property do you include both labor and materials into your analysis ?

For instance:

You purchase a single family home for $150,000 with a 3% down payment ($4500). The property needs cosmetic repairs including paint, new flooring, new hardware etc. If you have a $10,000 budget for the renovations. Do you include both materials and labor costs in your analysis for total investment? Would your total investment be $14500 or $4500 + All materials cost excluding labor cost from contractors?

Thank you !