I've had the most fun on some easy flips (buy 60/70 cents on the dollar, lipstick on the pig and flip within 30 days).

I'd rather buy newer than keep putting lipstick on a pig.

Although I do agree with Hoarder houses and total wrecks its what ever you can negotiate.. but when your talking lipstick rehab and telling someone there house is only worth 30% of true market.. that just does not sit well with me. 

Purchase Price $ 166,083.31  Year Built 1910 Realtor or Finders Fee $ -     Lot Sq Footage 0 Total $ 166,083.31     Sq Footage 1684       Yearly Tax $ 10,000.00 Amount to be Borrowed $ 228,440.32     Bedrooms 3 Personal Cash Invested $ 35,216.66     Bathrooms 2           Pre-Inspections       Lip Stick $ 18.00 GC Quotes $ 700.00     Lip Stick Advanced $ 24.00 Lining $ 700.00     Standard $ 28.00 Inspection $ 600.00     Vandalized $ 32.00 Total $ 2,000.00     Big Gut Out $ 36.00           Cost of Money     Remodel Type Standard Points (assuming 5pts) $ 10,000.00         Broker Fee $ 2,000.00         6 months Interest $ 17,133.02         Lender’s Lawyer $ 1,300.00         Total $ 30,433.02                 Closing at Purchase Potentially covered in points payment     PurchaseTax $ 3,321.67 I assume 2%       Title Work $ 1,000.00         Total $ 4,321.67                 Construction Costs         GC $ 47,152.00 I multiply sq footage of house by preset number   Materials $ 10,000.00 Total Guess       Misc (Permits, etc) $ 5,000.00  Guess       Appliances $ 6,000.00  Guess       Safety Net $ 15,000.00 is this enough or too much?    

One man's "full rehab" is another man's "lipstick on a pig."

There are many homes that are affordable that just need "lipstick", things like carpet, paint etc.

It's worth mentioning that we are usually doing pretty large remodels, not lipstick jobs.

No point in putting lipstick on a pig. 

I'd suggest starting to look at places you have some sort of advantage in - you don't want to be the dumb out of state California guy who overpaid for the lipstick-on-a-pig property down the block.  

My realtor would like it to be a little more lipstick and mascara than I would; maybe it's because I might want to keep it, or maybe it's because I'm a perfectionist.