However, after accounting for long-term capital gains tax and other expenses, you would be left with $150k which is important to budget and account for.

If there is a tenant in the property expect that they will likely leave within 6-12 months after you purchase so you can expect to do a rent turn and budget for that.

Eliminate debt, establish a budget, and save.

The current way the studs are built is not up to code, so they have to rebuild the entire structure of the kitchen wall This is not uncommon especially when renovating an older home and when budgeting you should also carry a very heavy contingency for unknowns. 

You could probably afford $20,000 without much impact on your budget.

I thought I was overcharged for my rehabs, especially because I didn’t have a solid process for oversight in place initially.I ended up having my property manager oversee the rehab projects, which helped but came at an extra cost—around 10% of the total rehab budget.

We went over budget in some areas and in others we were under.

Perhaps a modular home could fit the budget. 

We refinanced and cashed out all our renovation budget plus $5,000 and actually kept monthly payment the same as rates had dropped.

Depending on your budget, I'd recommend areas like Olde Towne East, Clintonville, Merion Village, Grandview, Southern Orchards and a few others.