@Kyle Hoppman We're not from Wisconsin but I'll tell you from experience we don't use any rules or calculators when budgeting for flips or BRRRR deals.

The real issues arise from everything else investors underestimate: increased cap-ex budgets, rising insurance, higher turnover costs & higher vendor pricing.

What is the purchase price and expected reno budget? 

A lot of new investors overthink where to start, but the best move is finding a market with solid cash flow, landlord-friendly laws, and good property management in place.I’m an agent in Memphis, TN, and it’s been a great market for newer investors because the entry prices are lower, rent-to-price ratios are strong, and you don’t need a massive budget to get started.

To answer your question on what I wish I knew earlier: Never trust the "Estimated Repair Cost" on a wholesaler's flyer.A lot of new investors get burned because they assume the renovation budget is $30k, when in reality (especially in older East Atlanta homes), it’s closer to $60k.

POnce I ask where they live, where they work, their budget, whether they plan to self manage or use a property management company, why they want to get into real estate, and what loan product they’re using, the criteria shifts fast. 

The rent amount may not be the issue, but what you are offering is pretty rough.The other issue is that the only type of tenant you can attract with beat-up finishes are the ones who are on a budget and "don't care".The single best thing you can do is personally tour some of your competitors close by.

With your projected numbers, you’ve got solid potential equity, but watch your rehab budget closely.

:)You feed it the property info (address, price, rehab budget, rent, taxes, insurance, etc.), pick your goal (BRRRR, rent-vs-sell, refinance test, etc.), and it returns a full underwriting breakdown:Base / downside / upside returnsP&L, DSCR, CoC, sensitivity tablesFlood + insurance risk for FloridaNext-step checklist and “what would change my mind” summaryIt uses conservative defaults (7.11% 30-yr @ 75% LTV, 5% vacancy, 3% expense growth, etc.) and calls out when you should check with a CPA, appraiser, or attorney.You can try it here on ChatGPT by searching for “BRRRR Brain” in the GPTs section.If you want cold, math-driven underwriting instead of hype, it’s worth testing.TRY IT OUT HERE!

If you have been an active rehabber or builder, the past few years you should have accurate budgets.