A steep drop in the price can totally wash out years and years of REIT dividends, and the price is entirely out of my control.. 

I'm hoping someone out there has done a similar deal and can shed some light on the blind spots that I'm not thinking about. 

This is a light renovation.

Kitchen, bathroom, lighting,ex.

New appliances, new flooring, upgraded all of the bathrooms, kitchen, light fixtures, etc.

Do not leave electronics/lights on when not needed.ii.

The video provides a range of light, average and heavy rehabs as a quick rule of thumb to calculate rehab costs.  

The sellers had already engaged a debt financier interested in providing about 80% of the proceeds ($7.2M), but this was far from a green light.

Tenant tried contacting previous owner about replacing a washing machine 2 years ago that didn’t work anymore.

This will help you get a better idea of what tile, hardwood, carpet, plumbing fixtures and light fixtures costs for your rehabs.#3 Contact Local Contractors for Labor PricingCall local Subcontractors and get budget pricing for common repairs on your typical rehab project.For example, call a roofer and ask what their average cost per Square of Architectural Asphalt Shingle Roofing would be on a 1,500 sf house, with a 6/12 pitch.Note: Some contractors will be reluctant to share pricing without seeing the property, but tell them you are just looking for a rough budget number you can use on future projects.#4 Compile Your Prices into a Spreadsheet or Estimating SoftwareOnce you start to get a better understanding of Labor and Material costs you will want to store this data into a spreadsheet or software that you can use to help you streamline the estimating process.The Book on Estimating Rehab Costs comes with a spreadsheet that you can use to help you populate your own database of labor pricing and material pricing.