@Karen Margrave Karen for what we build we usually do cusomt or at least semi-custom.

Here are some value adds that I discovered for students:- Furnished units - A lot of students will pay extra for furnished or semi-furnished units. 

If you used Satin or Semi-Gloss paint then you should be able to wash all the wall, ceiling and other surfaces through out the house.

It is a semi valid concern.  

There are some exceptions for being local but if it was under $1000 that was more of a job/investment vs a semi passive income play. 

@Derek Woods When you say duplex, do you mean half the duplex or both units... in different parts of the country they use Duplex, semi detached, and half a double, all to describe the same type of 1 unit SFR.What is the value when this is all fixed up and in great shape? 

I think the best way to go about that would be to find an agent or two who you like and you have been up front with about not being able to buy right now but wanting/needing/and curious to see some property that would be in your price range in the semi near future, and asking them to let them know when they have a showing and tag along so that they are showing to buyers and you get to see property at the same time.

There are some markets in CA that do cash flow, mostly the desert areas and areas like Bakersfield where you can buy properties for sub $100k and get over $1000 a month in rents but these areas will have lower appreciation potential too so it is almost always a trade off, more cash flow usually equates to less appreciation potential and vice versa.Rehab flips are better returns, but an active investment, not semi passive like rentals.

He painted the ceilings flat white, the walls beige, and the trim and doors semi gloss white.

In some instances, we might only inspect annually or semi-annually, but in our student units we make a point of going in once a quarter.