Tenant moved out and in the bedroom corner, a little in the closet corner and a corner in the kitchen, there is mold growing on the wood.

I'm submitted my first offer today.Sq Ft = 1,018List Price = $65,000Initial Offering Price = $32,000Max Limit = $40,000ARV = $125,000Realtor Fees = $7,000Closing Costs (Buy & Sell) = $1,200Inspection Fee = $350Holding Costs (Personal Loan) @ 6 months = $4-6,000Total Variable OH = $14,550Rehab Costs w/ contingency = $34,900Net Profit (ARV - Variable OH - Rehab Costs - Purchase Price) = $35,550Net Profit After-Tax (Impose short-term capital gains rate at 39.6%) = $21,827Work that needs to be done:Rebuild mudroom and re-route washing machine/dryer lines = $4,000Kitchen Rebuild: Cabinets = $1,000Granite CT installed, sealed, beveled = $1,400 New appliances (may use a 2nd hand shop) = $3,500Flooring and back splash = $1,500TOTAL Kitchen = $7,400HVAC (received quote w/ ducting install) = $6,000Front porch repair = $1,000Half-bath install 12 sq ft (@ $100 per sq ft) plus cost of supplies & equipment = $3-4,000Add closets to each bedroom = $1,500Fix ceiling water damage = $2-3,000 Foundation leveling (house has settled) = $1-2,000Renovate full bath (replace tub, new vanity, replace toilet, re-tile) = $2,500Simple landscaping (mulch and shrubs) = $500Fixtures and Hardware = $1,000Contingency = $2,000GRAND TOTAL = $34,900I'll be doing the majority of the work but will have to sub-contract out construction of the mudroom, half-bath install, and closets.Immediate Questions I'm concerned about:1) Cost to rebuild mudroom.

Place is a 3/1.5 built in the early 1900's. has updated funace, hot water heater, 100amp panel (looks like a small bit of knob and tube was left in), new carpet downstair.Roof needs to be looked at since their was a leak (seller said it was fixed but I don't think I trust his maintnace guys), some small issues with brickwork I will be getting a estimate on later in the week. figure about $1500 for roof work and flashing fix and another $1500 for the brick work (mostly some re pointing a small area and a couple little things)Now the place needs:New kitchen(small)- tile floor (have the 18'x18' travertine that IO got for a steal), cabinets, countertop, appliances, lights ($6K)New half bath-tile floor, vanity, toilet, lights ($1500)Back stairs re done ($1K~1500)Open stairs to attic and turn in to hatchway and use floor space for closets ($1K~1500)Sub floor repair upstairs (stiffen a bit and fix 1 hole) ($750) Carpet Upstairs (700 sqft) ($1K)Upstairs Bathroom- Tile floor, Tile tub srround, build in tub since it is a corner tub now, toilet, sink, ect ($3K)Paint and some drywall/plaster repair ($4K)Fix 3'x8' second floor deck off Master BR-railing and some clean up ($500)Fence backyard and some landscaping ($3K)Misc $2Kcall it about $27K in rehab to make it nice and well in the top of the comps.I could also do less but was looking at making it shine and moving it quick.I figure I have to get into it at low 60's, Owner owns free and clear.

I am interested in going with low-cost minimal/modern design in the bedroom and living spaces, adding closet space in most cases; but mainly focusing funds on the two most cost effective rooms in the units, Kitchen and Bath.

Its way more popular than I thought.Now I am thinking of repainting two closets with this.

There will usually be extra beds, make-shift closets, lots of mess/clothes etc.I agree with Jon Holdman - I wouldn't worry about it.

Testing is inexpensive, and is done with portable X-Ray Fluorescence machines (we use the Thermo Niton units).

(Disclaimer I work for this company): Hey @Gabe Gordon SimpliSafe makes wireless, portable, contract free security.

I think I now have added value in that the basement could be a third bedroom (if I put in an actual closet).I believe I can rent this house for $750 - $800/mo given the area when it's time for house number two, but here comes my quandary: I'm still paying down debt from the divorce (car loan and credit cards).  

Another fell in love with the vanity and mirror setup in bathroom and big closet in master in the other unit.