As an out of state investor, be ready for scare tactics to try to upsell you on larger projects, and ongoing expensive maintenance to keep them going (fixing hottubs, fireplaces, etc.) 

Water leak behind the wall that surrounds fireplace.

Fireplaces, doorways, transitions, stairs, etc.Garage door openers, door hinges and knobs, replacing a ceiling fan (or upgrading from a basic light) are also all good candidates.

I have been very surprised by how much our SC lake house is rented in the "off season"People come to:Relax by the fireplace with a view of the lake, girl or guy weekends, visiting family in the area, visiting their kids at Clemson, Holiday getaway with family, fish, get away from the brutal cold up north or the heat in Florida or just get away.

I was able to redo a fireplace in very fancy tile for under $5.  

I required my "college units" to be leased annually and I had no problem with vacancy since they word got out that they were really cool split level units, winding stairs and fireplace.

Unit # 1-1st floor-1 bedroom, spacious, bright rooms, large windows, EIK, ornate fireplace,washer/dryer hook up $750.00 Unit#2- 1st floor 1-bedroom unit- rear lots of privacy completely renovated $850.00 Unit # 3 2nd floor 2 bedroom unit, brightopen & airy floor plan.

I renovated the bathroom, flooring, countertops, minor electrical work, some minor plumbing, swap out of the kitchen appliances, inspection of the furnace and fireplace, and basically clean it up before being painted. 

It is not in bad shape, just outdated, so in order to get max price I would put in some of the basics (nicer kitchen and bath, nice neutral paint, new carpet or laminate, fireplace mantle etc etc).

5 years or longer is great.Get roof, pest, property, fireplace, etc. inspectionsCheck with title company or attorney who ever does that in your state to find out about requirements to draw up seller carry-back loans.