Estimating Rehab budget - Wholesale

[Cody McVay]

Hello fellow Cbus investors!

I am a local small multifamily investor mainly focused on the East side of the Columbus/Newark market. I am looking to wholesale as a way to create additional income to reinvest into more buy and hold properties. My question is how do you quickly estimate a rehab budget for your buyers? I have been using rehab grades (light, medium, heavy, extra heavy) with a corresponding $/sq ft. ie. (light = $15/ sq ft., medium = $25 / sq ft., heavy = $30 / sq. ft, and extra heavy = $40 - 50/sq ft.) is this the correct way to do this and are the numbers I'm using accurate for our local market? 

Thanks in advance!