My primary rez was an REO that needed TONS of lipstick and mascara but luckily nothing too earthshattering (have a great inspector).

The agent says it’s a Cash Cow,but what if it’s just a Pig with Lipstick?

I would Not be chasing these out of state, "turnkey", pigs with lipstick slapped on them, because they have a 15-20% cap rate, On Paper, projected. 

Mostly doing a lipstick rehab- paint inside and out, landscaping, painting kitchen cabinets, quarts counters and a full rehab of the bathroom.

I didn't find any major structural issues and I plan to have a home inspection sniff out component defects which will be deducted if found.I am anticipating a generic 'lipstick' remodel to the tune of $10-12k max.I plan to list flat-fee MLS for $400 with 3% to buyers agent $6900 .I'll have to evict tenants.I'm factoring a 3 month holding time (although I suspect it will be less from what I've been seeing w/ properties at this price point).I'll be financing it.I'm paying closing costs (Title, escrow, etc) $2500?

You can put some lipstick and a party dress on a pig, but that doesn't make it a princess!

For an older home, $2000 might be low unless if it only needed some lipstick.

I like that idea and I'm really thinking about it for a lipstick rehab here soon. 

But its also easy to slap some lipstick on a bad investments and make them look like much better and in fact earn much worse returns or lose money.

Without significant changes, having only some repairs and lipstick, you'll probably be stuck within your original market conditions.Another issue is your local market, if you're in a small rural town where most inventory is lower priced homes, in order for the bank to meet public benefit requirements, they will need to lend on that inventory.