Patch of Land is great for debt investments.

They patch the concrete.

April,  you can due as @Ryan Booth had suggested and use a wire brush or fur out the walls and hang drywall. you could use a chemical stripper to take the paint off, or not go through all that and take a putty knife, or a strong spackle knife that isn't flimsy, and scrape away any loose paint. then try to coat the wall with a layer of drywall mud. if there is loose paint that you missed the moisture from the drywall mud will raise it up. you just take that off and patch it with the mud. that may save you hours of work trying to remove the paint.

Also look at deferred maintenance/capex with an estimate or two for each job during due diligence, which can be significant if the seller has had it for a long time and just keeps patching things up - the buyer will take the brunt of the repair when it turns hands. 

They aren't cheap but it would be cheaper than pulling up that tile and patching the subfloor.

Quote from @Marvin Michel: Hi Marvin,It looks like a solid class C minus rental with 1 br 1 bath.I doubt this will bring top of the market rents, but if you can attract 2 long term renters who get along well it looks like easy money.What I see is it looks dumpy from the street view, but its in a a pretty nice neighborhood of well kept up, MAINLY White painted houses.Maybe blend it to the neighborhood by painting it white vs. what looks like the teal-ish color so popular in Mexico for homes (although maybe that's you target market and if so leave it).It's not going to pull top of the market rents though, because for a class C minus there is no dedicated bedroom and the bathrooms in the competition are probably better.If this were in Austin (with it's high demand right now) it would rent.The giant patches on the inside walls, the shotgun floor plan, the lack of a dedicated bedroom, the bathrooms seem less than competitive.

I'll advise what the options are.I also have a property manager who will be walking through to property soon to give an idea of what rents will be reno vs. no reno, but I'm anticipating something in the neighborhood of $800-$900 for little/no reno, vs $1100-$1200 for light rehab (patch/paint drywall, some floors, and probably these bathrooms). 

If naked, likely wearing patches over my eyes for protection!

first of all the big hunkers can vibrate the wall especially when turning off or on.Secondly when they fail and ultimately they will fail, you can't get another unit to fit the hole exactly and need to reduce or expand the hole through the wall.And thirdly they're not usually tightly sealed in the winter.When those type units fail we remove and patch the hole inside and outside.

Had the same issue last week - drove out to the property, looked up into the attic space and saw where the water was getting in, bought some roof patch, patched it, and we waited this week through the rain to see if there were any more issues.