Should I fix everything?

[Sebastian King]

I'm considering buying a 1920's property in my area and I've gotten the sellers to agree to a 60k purchase. I had a contractor (whom I trust) look at the house and he suggested that I replace all the dry wall, electrical, and plumbing (as well as paint, carpet, windows, etc) and estimated 50k in repairs. I asked if I could skip the drywall, electric, and plumbing, and windows and instead simply paint and replace floors. He said that this could cut the repairs to 15k or so and it would be inhabitable.

I'm leaning toward renting the unit out (rather than selling) but I'm open to either one. I'm wondering if I should do the full rehab or just the essentials?

The rental range in this area for the house is $950 - $1350