But, what about changing all the outlet and switch covers so they don't look like crap compared to the freshly painted walls?

Fannie Mae rates are always a little higher than FHA, but for good FICO scenarios the PMI will be a crap ton less.Commercial: http://fanniemae2.articulate-online.com/p/50703331...

@Jason Dillard   I agree with your premise in non appreciating  markets were its a given that appreciation is not going to happen at any appreciable rate .... in those markets your NUTS to buy anything that can't cash flow significantly and or you have bought it under market ( IE retail value) And it really depends on your ability to scale and run an operation.. you need a crap load of doors bringing in 200 a month to make any serious money  like a 100 or more.

- assume the city will make you pay for/pull permits- add another 10k for "oh crap, i didn't expect that expense".

. #1 is almost never the case because all self employed people think they make a crap ton more than what their tax returns say, so it's either a one or two year tax return average, no exceptions.

You listed it for $180K, got all kinds of crazy over asking price offers even though there is apparently crap all over the place, and they are still agreeing to pay $197K for the house.

. ;-)   But it's NOT a cap rate, NOR a crap rate...mmmm  can we call it a de Hart rate? 

Meanwhile the investors went broke trying to pay the hard money loans and the greedy landlords are now in foreclosure due to no mortgage payments being paid.How does my state allow this crap?!!

The market dynamics where you are at will be different, so if you suggest this and hear back from your fellow realtors or other people "we don't need to do any of that crap in this market," that might very well be the correct answer for your market.

@Bill Manassero thanks for the tutorial!