New paint, nice kitchen.Me: IF your info is correct ARV is ---, but I never do an ARV without me or client seeing the unit, I'll swing by tomorrow.He: ok keep me posted I close tomorrow at 11am(Me to myself: ok, crazy.....)I drove to the house earlier the next day.1.

If really dark floors will work with your color scheme then it's worth a shot.2) You'd be amazed what opening it up for a week or two and painting EVERYTHING will do.  

Also involved in a personal residence you would make different choices on how much to invest into things like fixtures, flooring, paint color/quality etc etc etc vs what you would choose for a rental which most often are less expensive materials and really not custom in any manner shape or form, so your "home" for a couple years might have all kinds of more expensive inputs and then end up as a rental unit later which may or may not be a good use of money after all.

Pre- 1974 there are EPA lead based paint certification rule and contractors disturbing over a certain sq ft of space.If you do not follow you can face very stiff penalties into the five figures.Older building like that I usually go 60 to 65% of gross expected in costs.

The problem with laminate is it's very vulnerable to moisture and easily ruined by a careless tenant. 

Since we purchased in July 2013 we gutted 1.5 bathrooms, renovated kitchen, new paint/trim and new floors.

My guess is your asking price is too high.In my market, even if the house looks decent, rehabbers will generally be updating the kitchen and bathrooms, refinishing the floors, painting, etc. 

That will have to be paid at close.Facts: 2 FR: Unit 1 : 2/1 900sf  Unit 2: 2/1 900sfARV 150K based on several compsRental Income: 900x2=1800/moCap Rate: 9%Assuming I could freshen this house up with paint, carpet, minor repairs for less than 15,00070% ARV=$105,000 -15,000 rehab - $5,000 (closing and moving allowance for current owner)=$85,000 max offerDoes this sound right? 

Here is a quick list of things to look for when DFD:•Missing Window Blinds•Dead / Overgrown Lawn•Bad Roof•Lots of Trash and Cars with Filthy Windows–No License Plates, Flat Tires•Broken Windows•Lots of Deferred Maintenance / General Disrepair•Peeling Paint•Overgrown Trees–Lots of Tree Litter on Roof•Fire Damage•Graffiti•Owner Board Up•Notices Posted on Doors / in Windows•Uncollected Mail / Newspapers / Phone Books in Driveway/Mailbox•General AbandonmentWrite down the address & take notes, go home and research owner info/mailing address using local title company, send letter.

There are specific requirements dealing with fire protection, fire resistant construction (fire walls, etc), egress, and other things.