We also bought their 3 yr old appliances, patio furniture & newer BBQ for $950.

If you're planning on a 3BR, then that could work well, just have a deck, patio, or enclosed porch instead of a den/sunroom.  1200 would be a little tight for a 3BR plus den/sunroom. 

Here is a list of the things we think need to be done, and in the order we are thinking:New wood flooring in most of the house (leaving carpet in all bedrooms except master)Update master bathPaint most roomsUpdate guest bathChange glass panes on either side of front doorRemove florescent lighting in kitchenAdd patio w/ cover in backChange out brass fixturesAdd shelving and mudroom type bench to laundry roomAdd outdoor kitchen to complete back patioChange out white oven and microwave for stainless (the rest of the kitchen has been updated w/ stainless and new counter-tops) Other odds and endsAs you may have figured out already, we clearly would like to do more to the house than what our budget will allow if we were to treat this as a flip. 

I'd have to make a raised back patio deck, update 1 full bath, update 2 half baths.

I don't really worry about the small stuff like "loose brick on the patio".

We have a shower only, and it has the plastic insert, so are still debating whether to tile it, or leave it as is.

He said it may be underneath the brick patio.

Pack of 25 blank corrugated plastic yellow signs for $30 plus shipping.

For this main part I would replace it at least with a screw on plastic clean out. 

It could rent $1300 -1400/ month - my floor plan is on the zillow now for $1395Gross ScheduleGross Schedule income $15600Vacancy allowance (3%) $468Tax $2200/yearInsurance $2300/ year mandatory windstorm coverageHOA $175/yearLawn service $600/yearMaintenance $500 yearTotal Operating expense: $5775    38%Net Operating income: $9357The house is pretty well maintained the appraiser site says a canopy was added on the patio in 2015.