Rehab level is the criterion that most determines whether a property fits you. It is also the one described most loosely, so it is worth being precise about what each band actually contains.
Cosmetic
Paint, flooring, fixtures, appliances, landscaping. Kitchens and baths refreshed rather than replaced. Mechanical systems functional and staying.
The building works; it simply looks tired. This is the shortest timeline and the smallest contingency, and it is where wholetail exits live — properties clean enough to sell to a retail buyer with modest work.
Moderate
Kitchens and bathrooms replaced. Some systems updated — a furnace, a service panel, sections of plumbing. Possibly a roof. Layout largely unchanged.
This is the most common band in the suburban bungalow stock and in better-condition city properties. It rewards buyers with a reliable crew and a realistic contingency.
Full gut
Down to studs. Electrical and plumbing replaced throughout, new HVAC, new kitchens and baths, frequently new windows and roof. Permits and inspections at multiple stages.
Common on pre-1930 South and West Side stock that has been vacant. The upside is that you control everything; the risk is that surprises are structural rather than cosmetic, and the timeline is measured in months.
Teardown
The structure has no economic value and the land carries the deal. Relevant on a small number of properties, usually where the building is unsafe or the lot supports something materially larger.
Why stating your band matters
A buyer set up for cosmetic work and a buyer set up for full gut are not competing for the same properties. Sending either the other's inventory helps nobody.
If you genuinely take anything, say so — it widens what reaches you considerably. If you do not, being specific means the deals you hear about are ones you might actually buy.