Once all your numbers are in front of you, they paint a picture and your decision will be revealed. 

In a perfect world, I would never inherit tenants as it is always easier to start the relationship fresh with a new tenant, but that isn't how this business works. 

At year end, the Net total (Income - Expenses) reveal your profit or loss. 

Maintaining the property with basic updates like fresh paint and appliances while i was there and stained the kitchen cabinets to give it a more updated appearance.

That said, if I were picking up a property like this I would want to have a decent amount of cash on hand for whatever issues might come up.On rents, I'm getting 1400-1500 for a 3 bed 1 bath (same small bedrooms) in Little Village, but that is all the way on the other side of Little Village, near the California Pink Line and Pete's Fresh Market. 

Plus, it documents what happened while fresh in your mind.As mentioned, discuss this with your HML.

A quick google search reveals that a typical work of this nature costs thousands of dollars.

New flooring, carpet and fresh paint throughout.

I need to ponder that some.I think because they will be freshly renovated, maintenance will be low(er).Property management is something I considered.

Starting fresh can be tough at first, but you'll probably be better off for it.