It is critically important that you be able to accurately estimate repair costs when you evaluating a house to make an offer.  Here are some tips to keep in mind: 1. Use a one-sheet form that is put together somewhat like a check list.  Make sure that all aspects of repair estimating are on the form, from interior work (e.g., painting, electrical, plumbing, etc.) to exterior work (e.g., garage, painting, trash haul off, etc.).  The value of these forms is they are a handy reminder to have in the field to remind you to check for the items on your list as well as penciling in your estimated cost for those items.  2. Have a handy reference guide that jives well with your check list for that has the costs you need itemized on a unit basis.  For example, you should have a cost for installing carpet based on the square footage of the area.  You should have a figure for painting based on the square footage of the house.  3. When considering what improvements to make, you may have to correct some functionally obsolete features.  For example, in older homes, the layout may not be appropriate for today’s market.  You may have to take down some walls, or add walls.  You may have to add insulation to the attic, or modify door and/or window arrangements so that the house is more energy efficient.  Failure to make such changes may result in tenants not staying long because of vast amounts of money to heat and cool an energy inefficient house.