smelly houses and burnt houses can create some cheap acquisitions!  

Foundations are not something we ever want to try and cut corners or "go cheap" on as it will bite you seriously hard in the future......There are times when I have wanted to save money and wished I would have just paid what it would take to execute the job right up front,,,, causes much less heart and headache in the future.... 

Garbage service, once again, I require the tenant to pay this and make it mandatory, you don't want to pull up to a home and see the back porch filled with trash due to cheap tenants.

If the flooring is outdated, replace it with a nice tile... a simple truck to visually enlarge a smaller bath is use a large tile, 16"x16" or 24"x 24", lay them on a bias and use very tight grout lines.Now, the stairway doesn't look bad the way it is, but the baluster and railing look a little cheap, like something you might see on an outdoor deck.

Kevin, join Bigger Pockets (cheap) read every article they ever published on Multi-family (get some information) THEN invest

Taxable Value 75,830Purchase 50,867Tax 1986.70Vacancy 10%Repairs 5%Capital Expenditures 5%Property Management Fee 10 %Investment results: Purchase Price: $50,867.00 Purchase Closing Costs: $3,000.00 Estimated Repairs: $0.00 Total Project Cost: $53,867.00 After Repair Value: $70,000.00 Down Payment: $10,173.40 Loan Amount: $40,694.00 Loan Points: $0.00 Loan Fees: Amortized Over: 30 years Loan Interest Rate: 5.000% Monthly P&I: $218.45 Total Cash Needed By Borrower: $13,173.00 Monthly Expenses: $643.95 Total Cash Needed: $13,173.00 Cash on Cash ROI: 5.11% Purchase Cap Rate: 6.48% Really, I know it’s not a great deal, but it’s a property that I can buy into for cheap.

Based on my own experience with renovating very cheap properties in upstate NY, I don't think I've ever seen a 20K property need only 10K-15K worth of work.  

I know its just costing them money sitting there, but sometimes people don't want to sell a place for cheap.

Back when I went to college it used to be pretty cheap.  

Documentation, Inspections, appraisals... they're not cheap.