What light rehab usually means
Light rehab is cosmetic, fast-moving, and should not depend on major systems replacement to make the deal work.
Paint, flooring, fixtures, minor kitchen and bath refreshes, hardware, curb appeal, and punch-list repairs typically fit here.
If the deal needs electrical, plumbing, roof, foundation, or major layout changes, it is not a light rehab even if the finishes themselves are simple.
Where medium rehab starts
Medium rehab usually means the project is still controlled, but the scope now includes enough systems, layout, or higher-touch finish work to widen both timeline and contingency.
This is often where investors get most exposed, because the project still feels manageable while carrying enough unknowns to punish sloppy underwriting.
Medium rehabs usually deserve an explicit contingency, especially if the property is older or the buyer pool expects a stronger finished product than a basic cosmetic turn can deliver.
- Cabinet or kitchen replacement instead of simple refresh
- Multiple bath updates
- Some systems work
- Meaningful extension of the timeline
When a project is truly heavy
Heavy rehab means the project has crossed into structural, gut, or systems-heavy territory where uncertainty is part of the acquisition, not an edge case.
This can include foundation work, full electrical or plumbing replacement, major HVAC replacement, extensive exterior work, or floorplan changes that require more than finish-level coordination.
Heavy projects need more than a higher per-square-foot number. They usually need a slower timeline, wider contingency, and a much more conservative view of what the exit can tolerate.
Important shift
Once the project is heavy, the exit strategy should survive if rehab takes longer and the buyer pool is less forgiving than hoped. If it only works at best case, it probably is not priced right.