Stats on the house:Approximately 2400 square ft.1st floor -            - two full bathrooms, 1 large living room (14x16), 1 small living room (10x12), and kitchen(10x12)2nd floor            - One large bedroom (14x16)            - Two smaller bedrooms upstairs, but you have to walk through one bedroom to get to the other.Comps in the area range from 220k - 300k.Rentals Comps would be 1700 - 2200.The front of the house seems like it would be "picturesque" for small venue events. 

It could be ideal for a house hack as there are two separate entrances, each with its own kitchen and bathroom.

The apartment definitely needs work - mold/mildew smell in bathroom, old kitchen appliances, old water heater, zero closet space, minor flooding in the basement, etc.

Najeh,You will want to focus on investing in areas where basic improvements such as curb appeal and internal updates (ie kitchen/bathrooms) would support higher property values that you could refinance or sell to make your money back. 

A Comprehensive Guide to Homebuying, it's essential to be thorough and methodical to ensure you're making an informed decision but draw boundaries, it's okay to open built-in closets and kitchen cabinets to assess the property, However, respect the seller's privacy by not invading their personal space, such as medicine cabinets, storage boxes, or clothing drawers,Interior:Architectural style.Bedroom and bathroom count, size, and location.Closet and storage space.Number of floors.Sightlines and general floorplan.Appliance age and condition.Light switches and socket count.Plumbing and water pressure.Natural light and views.Noise levels.Stairway width and type.Porches and decks.Garage and parking capacity.Proximity to neighboring homes.Remodeling opportunities.Exterior:Roof and siding condition.Landscaping and outdoor maintenance needs.Additional Considerations:Take notes and photos during the tour.Use your five senses to assess the home's condition.Ask your real estate agent questions about the home's features, flaws, and market conditions.Red Flags:Overly scented rooms.Water stains and damage.Lack of maintenance.Foundation issues.Sagging ceiling.Fresh paint that may be covering up issues.Final Tips:Be prepared to make multiple offers before finding the right home at the right price.Stick to your budget when making an offer.Don't overlook potential red flags just because you love a home.

I have a 4 bedroom house with 2.5 bathrooms.  

I have a 2 bedroom/2 bathroom duplex in Houston, located in a higher socioeconomic demographic area.

Also having a private bathroom for each bedroom is a huge plus.

All new kitchen and bathrooms, painting throughout, scraping and refinishing the hardwood floors.

The same day of testing we painted the entire bathroom (admittedly it was due after 8 years).