That's a very difficult question to answer. What do you plan to do with the home once it's fixed up? Will you rent it? Live in it? Sell it, in other words, 'flip' it? The answer to those questions can weigh heavily on the answer to your original question. Most investors have a rule of thumb, AFTER fix up value, minus cost of repairs, minus 30%. THAT is your maximum offer. That formula can change, however, depending on what you plan to do with the home once it's fixed up. As far as how much you put into it, I would suggest that you do not improve the home more than the neighborhood will bear. In other words, if all the other homes in the neighborhood have formica counter tops, then put in very nice formica counter tops, but do NOT put in granite. Same rule holds true for kitchen cabinets and fixtures, bath fixtures and flooring.