There aren't many 2 car garages in the area that are this usable (some are mostly unusable).Initial Repairs: $7-10k (mainly new paint, carpet, lower cabinets in the kitchen, glass block in basement and upstairs bathroom, updating bathroom)Expected Rent: $700/mo (probably doing Section 8)Expenses = $310/mo (based on items below).10% Property Management: $70/mo10% repairs/maintenance: $70/moRE Taxes: $35/moInsurance: $57/mo10% Cap X: $70/moI've used different real estate calculators but since they ask for the information differently I seem to be getting different numbers for my cash on cash returns and cash flow.

Three layers of pee-stained carpet, 2-3 layers of subfloor, frozen pipes, ruined social life later, was down to the crawlspace and foundation and learned that yes, people did occasionally build a house on a row of fieldstones and mortared brick that was set just right on top of the dirt.  

Carpet cleaning.

Expect broken cabinet doors/hinges, holes in walls, broken window treatments, stained carpets, and walls that need complete repaint.  

In all we spent about 5k on renovations including new bathroom items, pulling up carpet and refinishing the original hardwoods, freshening the kitchen, installing a "shiplap" wall feature. 

The remodel will include removing load bearing walls, remodeling a kitchen, installing a shower in the master bath, carpeting the basement, refinishing the wooden floors, and finishing a roughed in bathroom in the basement. 

Looking at the noise issue on its own, I would say that you need to consider requesting your tenants buy carpets taking up at least 60% of each room if hardwood type flooring is in place.

Sometimes the persistence has to rise to the level of becoming a community reform leader (New Worry for Home Buyers: A Party House Next Door), but the end outcome can be positive.In my case, a carpet was installed after my noisy neighbor moved out, which provided half the solution, and subsequent neighbors were reminded about the quiet hours at the time they signed the lease, which provided the other half (these people also had the attitude of wanting to get along with their neighbors and kept their noise down as a result).

Keep it simple....some paint, carpet, appliances and yard work.There are so many distress situations that the junkers are out of the question.  

This got me thinking about the long term expenses that most houses will need and does the overall ROI seem reasonable.So I googled some info and tried to estimate life expectancy of house appliances, carpet, roof, etc and costs (item + installation), then figured out the monthly cost out.