Everyone wants a lipstick flip which is non existent nowadays unless you're willing to take razor thin margins or make some kind of appreciation play. 

You would need to take any rehabbing (even if its just lipstick) into consideration as well. 

Tear it out, you don't want to put lipstick on this pig.

Before I was an investor knowledgeable agent I would always highly caution my clients about buying a flip home because "you never know what is behind the walls; this could be lipstick on a pig."

Make it safe and do a lipstick reno at most.

Other options are just trying to put lipstick on a pig.

To say the least our latest flip is not a light one!  The location on the river in a desirable area is what allows us to do this large of a project.  Put this house 1 block away off the river and it wouldn't make sens...

Southgate was the longest to rent , Graham/Strickland (jack britt) easy, Bingham was real easy but took the longest to rehab with two baths gutted and new flooring throughout and cabinets.Market rents were $950(2) and $850If you have the right property management with good rehab and not that shady crab people do like cleaning a 5 yr old carpet or put rolled vinyl in living area (stupid) and lipstick the heck out of it then it will be occupied. 

There are lots of lipsticks on pigs in the turnkey world. 

Punch the numbers carfully, seller financing is often lipstick on a pig....