Any mentor worth their weight should have told you this up front.

Cut out all the dead weight. 

Beyond this more technical stuff, one would also need to know what your desired price-point is or at least a general range you're looking to buy within.

You'll have to figure out with your realtor on what is more desirable in that neighborhood, pool or no pool, and then decide that way, but either way you're probably looking at 5-10K depending on how much sweat you want to put into it.

My lot/location is far more desirable too.Do you need to save part of the existing foundation to be approved for a 203K, because that may be off the table.

Some investors will chose this approach ( @Michael Swan ) while others would rather leverage historical appreciation trend that goes back at least 50 years (requires little effort).If he desires the more passive route of riding market appreciation he should still sell because his ex-home purchase was not purchased to be a good RE investment (it was purchased to be a good home to his family) and that by searching for a good RE investment rather than a good home he can find an investment that will out produce his ex-home. 

Are town homes desirable as a rental property in Houston and is a 2 bed/2 bath an attractive combo?

Daria,  I'm not sure if your mother's desire is to remain in Paterson, but if it is, the new senior complex (Freedom Village) at 69 Straight St looks very nice and the builders seem to have put in some nice features, the website states apartments start at $1100. 

Hoping to be of some help to those affected by the fires and desire to rebuild but are under-insured. 

@Darius Anderson@Todd Dexheimer and @Brian Burke have both given superb advice.Here's my example that you can maybe learn from:- I spent 2 months researching specific market (demographics, job and population growth, income, crime, desirability of various neighborhoods, rental rates, vacancy rates, etc...) all while analyzing about 100 properties in that city.- I narrowed my search to 15 properties that performed well on paper - I booked 2 days with the real estate agent (who I've been in contact with for the last 2 months) and he arranged viewings for 12 out of 15 of the properties- I booked a hotel and drove out there and we walked through every unit of every property.