You're going to buy a specific property, in a specific location, subject to specific local conditions, and you will need local resources.

Just look for listings of properties in similar condition to what you'd expect to finish your units at.

No obvious structural issues from the listing, but the age suggests surprises are likely.Rehab Budget: • Low estimate = $50K (light updates) • More realistic = $75K (new kitchens/baths, flooring, paint, code updates) • High end = $100K+ if major systems need replacingRents (CMA comps): • 1BRs: ~$1,400–$1,750 each (https://prnt.sc/RMm854WPuPdk) • Stabilized Gross Rent: ~$4,200–$5,250/mo (~$50K–$63K/yr)Cap Rate: ~9% if rehab stays in the $50K–$75K range, falls closer to 7–8% if it pushes past $125KConstraints:FHA 203k requires me to live in one unit for 12 months, so only 2 units would generate rent in Year 1.With 2 units rented, cash flow looks negative (~–$600 to –$900/mo).With all 3 units rented after Year 1, cash flow flips positive (+$600–$800/mo) and grows with rent increases.My Question:For anyone who’s done a 203k or similar triplex rehab — does ~$75K sound realistic for getting this building into clean, rentable condition (floors, paint, kitchens, baths, basic systems)?

I built my own portfolio almost exactly the same way you are considering. 

And those operations are exactly as you describe you need to live there and work it every day of the year to make a living.  

The 1200 sq ft house built in the 1950's is in a working class neighborhood and would be worth approx 610k if it was in normal condition. 

Memphis is a great choice for exactly the reasons you mentioned: strong rent-to-price ratios, landlord-friendly laws, and plenty of fix-and-hold opportunities that fit the BRRRR model.With your criteria (3/1s and 3/2s, all-in under $90K, rents $1,100+), you’re right in line with what a lot of out-of-state BRRRR investors are doing successfully here.

At Summit Partner Lending, we work with investors on exactly this type of scenario, lining up either a cash-out refi or bridge that can free up equity for your next BRRRR. 

I would want an itemized bid or what exactly they did.

Building your buyers list and getting familiar with distressed properties is exactly the right focus early on.One tip from experience: really get to know what investors in your area prioritize—cash flow, location, rehab potential, or quick-turn deals—so you can tailor your outreach and spot the right opportunities.