SFH buying criteria for those with solid W-2

[Patrick M.]

I have purchased my first SFH and in the process of renovating to prepare for rent. Knowing what I know now I would have made some different considerations on this property.

My wife and I have good W-2 jobs and our goal is to reduce her hours to part time through single family investment.  We were excited to get started and bought a property that will work out nicely however the project list has gotten to be a lot longer than I anticipated.  Because we have stable W-2 we can be more selective in our buying and don't have to spend every night and weekend rehabbing in order to get $200 cash flow to put food on the table. 

For those of you in a similar situation what buying criteria do you have?

For example we only do kitchens or we NEVER do kitchens only bathrooms. or We only paint and landscape. 

My area is focused on A-B neighborhoods however many of the homes are 1950's- 60's that need extensive love.  So on the one hand we're paying a premium in a tight market but on the other all the homes seem to need a kitchen and bath reno not to mention outlets, paint, flooring etc.