That's just not going to work, unless its a lipstick project.

If it makes sense to renovate these units - do I lipstick the "pig" or do I aim for the yuppy tenants in the future, what budget?

Someone who buys a house for $5K puts a lipstick on it and flips it to an investor is technically doing a "profitable" flip.  

That's laughable.Some of these operators put lipstick on it and stabilize a few years and claim with (newly rehabbed) expenses are low.

Over the years a large property management company has slapped lipstick on them (vinyl siding, newer windows, newer roofs) but at the end of the day they are structurally deficient and poorly constructed.I suggest reaching out to Matt O'Grady here on BP for more info on multi families in New London.Best of luck!

My idea is to buy one of these properties and do curb appeal and lipstick renovations quickly and get renters in the unit.

Happier hacking multifamily is a great way to go, just be prepared to live in the pig until you can put lipstick on it.  

This kitchen was truly lipstick on the pig, with granite tile top, porcelain backsplash, repainting cabs and, later during a turnover,  sticking an 18" DW on the end of the run with a piece of butcher block on top.

This is more so an exercise and I'd like feedback on how notes are properly analyzed.If possible, perhaps I could complete some "Lipstick" repairs for $15k-$20k.

You can dress a pig with a nice dress and red lipstick but at the end of the day it is just a pig.