50% rule usefulness with rehab projects

[Mark Yuschak]

I understand the 50% rule and have used a variant of it before becoming a member here.

However, my question goes to the next level... What is the appropriate valuation method of a property that needs some rehab work before becoming rentable?

Let's say a house would rent for $600 a month and I'm looking for $100 of cash flow. 7% interest rate. NOI value is $30,061.51. Then, let's say the house needs $2,000 of repairs. Would the max price paid be $28,061.51?