A good neutral color exterior with a black shingled roof could be more marketable.

For some quick background, I haven't purchased and am in the process of creating a business plan.In my mind, I think that I would (this is assuming no major issues that an inspector missed):buy cheap, neutral colored paint.Buy cheap, but stainless steel appliances from a big box retailerNew shower head and potentially sink for the bathrooms.My hope is that for a 1,000 sqft unit, this would cost less than a thousand dollars.Is my hope a little too optimistic?

Even without counting on appreciation, if you are cash flow neutral on a high-quality property while paying down the mortgage, you can come out far ahead.

Knob and tube wiring runs though the walls and rafters with a neutral wire and voltage wires that ran through insulators through the wood know as tubes.

In Las Vegas right now the market is neutral so demand and supply are at a standstill.

According to the calculations I've run I will be cash flow neutral or better as long as the property stays 75% full which seems doable.  

Or should I do more than that - say paint the walls a neutral color so at least they don't see the bare dry wall?

with a 3 or 4 unit you can have a vacancy and still be in neutral for a couple months, not going backwards.  2 months vacant on a duplex at $800 a month missing rent takes a year and 2 months to recoup your losses if you are cash flowing $200 per month (which you should be at least and I doubt a one bedroom apartment is going to get you there)  I wouldn't go crazy on the rennovations ethier, fresh paint and fix the worst few things and put it on craigslist. 

You don't want painters switching colors for every room, make the entire place one neutral color and call it a day.

I will borrow on a short-term basis and am ok with my properties operating at revenue neutral until the debt is retired.