It's really just looking at the comparable homes in the area that are updated in a style similar to your proposed renovations.

I am not saying you wont find a gem, but you can be sure much has been picked through already (unless they sell them auction-style), which leaves the properties that are less desirable, and plenty of these aren't worth getting for free!!!

I may be able to buy a duplex in Tallahassee, Florida and make this model work, BUT I'd be sacrificing my income potential on the front end of things (from my job). 

I just got an apartment style duplex under contract two hours ago.

Best to purchase property with none of these issues but hey, that is not reality either.Doing one now where the old style kitchen is small.

That's for a ranch style home.

You can see the different styles of management and different business policies of people on here.

I could see this working if you tried it this way:-buy a very distressed property that somehow still qualifies as "livable"-perform a live-in-flip style operation, minus the flip at the end-do a cash out refi based on the higher value after renovationYou'll have to make sure your cost of renovations are much lower than the equity built.

List now and have a sample of the flooring available so they can see the color and style.

If we end up  with Weimer-style hyperinflation, however, I'm hosed, but it's a risk I'm willing to take right now.