Is it profitable to buy real estate that needs no improvement?

[Ben Feder]

What if you decide to buy an apartment building that's already profitable, running fine, structurally and cosmetically up to date, and has good management? If you buy that type of apartment, or any other type of real estate for that matter, and it is already in good working order and a class "A" or "B" asset nothing really wrong with it, could I just take that and continue renting it out with the current management company, collect rents, and make good cash flow from the deal? Or does most profit come from fixing up real estate, improving profitability, etc.?