If you are all in $200k into a property  and it is worth $350,000 after repairs, then you should be able to receive all of your initial cost on a refinance using the new appraised value. 

Its much harder to turn a property around in 6 months expecting to have 100% of your money returned back to you - but if you focus on the right property focusing on highest and best use with an ADU add (like mentioned), in-fill/lot split, or other rehabs - then hopefully a semi-decent property like that will perform like a champ in a few years. 

and even then the return will be fairly low based on the risk you're taking on. 

Quote from @Heath D Wallace: Quote from @Nick Rutkowski: @Heath D Wallace Cats can damage your property if not maintained correctly, if your apartment has carpet then cat urine is can get soaked in it if the cat pees on your floor.

Leveraged houses perform 3x better then the stock market.   

Even better if you buy 2-4 units, live in one and rent the rest - then repeat every 12 months.

if there is appreciation, but you wouldn’t sell your current home tax free and buy a neighboring home to rent out, (There by raising your cost basis for additional depreciation and lower capital gains tax.) then it probably doesn’t make a good rental property. . 

Then all of a sudden I have several.

If you can learn and make any money then it is not all bad.

Quote from @Calvin Thomas: If it's well insulated, then the gas costs would also be cheaper.