Only minor / cosmetic stuff required; I'd estimate around 2K per unit to get them to a standard I'd be happy with.

I would send you (if I were in your market) properties that just need some cosmetic work. 

I would suggest a property that is under valued and just needs cosmetics, so as tenants move out, you can update the unit, or do some updating while the tenants are occupying the property.

I am going to give it a nice cosmetic facelift and add a bathroom to make it rent ready.

If it's as good as my one friend claims it may be a nice cosmetic change to add to the look of a lower grade appliance.

I purchased an REO from Bank of America several months back near the Rhode Island metro station (Red Line) I knew it was priced slightly below value based on my research, Comps, and ARV, so I offered list price, I did this knowing most people will low-ball an REO price no matter what the price is because that's what the Guru's, Podcast, and online forums said you're supposed to do with REO's because they said so, This property appraised $25K above what I paid, I spent another $16K having a contractor do some minor rehab on the property (all cosmetic).

The house looks to be in decent shape, but there does seem to be some cosmetic items to be fixed.  

The property only needs about 15,000 worth of cosmetic rehab with a AVR 305,000 - 320,000.

If you're doing a basic cosmetic flip of a median valued house in a strong market, the risks are going to much lower than if you're doing a fire-damaged rebuild of a luxury mansion in a city where values are declining.The higher the risk, the more return the investor is likely to be looking for.

Cosmetics can eat a big chunk of that estimate.