The problem:  Jane Doe wants to sell but doesn't have the money to pay for new carpet/paint/gutter repair...  

You can start a spreadsheet and start tracking what other investors are paying and what kind of estimates you are getting so for example you will know the next time your contractor gives you a bid on carpet thats 30 per square yard you can tell him that you are willing to pay $15 a square yard for builder grade carpet.

It will destroy carpet, sub floor, sheet rock, wood moldings.

In Dallas a high appreciating market, I want to build a 1400 sq ft 3/2/1 on my already developed lot, medium grade finishing carpet and tile mix, 80/20 brick and panel.

There is new carpet in the house but now I'm worried about it being an old meth house. 

So I am house hacking a rental i inherited and one day noticed a puddle in the hallway carpet.

It's been two months now and no one has wanted to move into it, probably because of its old carpet, cabinets, etc. 

My tenant caused damage by leaving carpets with excessive cat urine and vomit all over, burnt holes in it with hot coals in a plastic bucket and pretty much never vacuumed stairs, cleaned shower etc etc.She wanted some TV wires back that she left so she was organizing a painter to come and fill the holes and repaint them.

This consisted of carpet, laminate floors and paint in the lower unit, countertops, backsplash, appliances, tile in bathroom floor and shower surround. 

The house is definitely on the older side, built circa 1930, but walking through the property I saw a ton of potential (huge back porch, front porch, large semi-modern kitchens, beautiful hardwood floors trapped under dingy carpets, etc.).