That would never happen in CA. 9. most of the Housing stock Is SFH, MF is limIted and very hot!

Unless it's near a university, no one wants to rent those.You will have much lower capex - there's no roof, no foundation, no gutters, no hot water heater, etc.

The market is so hot right now by tbe time i was able to secure a deal with the university the property will be gone.

I don't... but I'm not investing in a hot market.

Just because a neighborhood is hot, some investors say that house sold for X so mine should, when in reality they've not rehabbed to the same standard. 

The IRRs that I'm running on what would be considered a hot market are coming in at 15-18% with a 20% downpayment, 80% leverage and a 45% expense ratio.

The new bathroom will be made bigger with plenty of space off the old bathroom downstairsThe hot water heater will need to be removed as well with proper codingKitchenA new kitchen will be installed downstairs.

I’m in Atlanta GA and the Market is hot here!

Cardone pitching his lastest deal on a recent podcast.  Del Ray something $92,000,000.    10 days to closing and he isnt oversubscribed.  $100,000 and you are in.PS...10 days are up.Is that possible.

If you really feel the need to do "something", I'd start with pressure washing everything, then paint the trim and siding to whatever contemporary colors are hot in your area.