Looking at listing may not need full rehab, new roof and water heater done, 3br in neighbor run 900 to 1000, rehab for low maintenance, try to buy as low as you can , look at comps, probably could go in as low as 38-42 with good agent and stress as is, maybe a few agents here to help, get one to give you good numbers not listing agent numbers , street is a nice one for area, not much back yard or parking but nice front, before you close make sure vacant  contingent, if numbers work I would do it, the are predicting an abundance of rentals avail next year with building craze but keeping expense low you should be safe, remember don't rehab as if you are living there, think durable and repaintable, number should go into systems and structure first, elect,heat,walls, windows,floors,plumbing, if you use a contractor go with one you know or work with someone in area to keep an eye on progress, good luck at least you know some of the history of the property

Either way I imagine I would have to re-paint/refinish but painting would be less expensive.

Almost daily we get texts or emails about them wanting us to remove certain trees, or repaint the fence, or other things.  

For example, we could buy an original 1970s condo, repaint it, replace counter tops, and put in new flooring, and probably make a few thousand dollars in profit.

It doesn't cover the cost of a full repaint.

If you have to repaint entire walls or buy touch up paint, charge them. 

I used the paint to repaint a brick wall and repair a wall a plumber created an access hole for.

You may also do a deep clean and repaint the walls and ceilings.

Hi BP,I have a duplex in Tampa that after the tenant moved out we cleaned it up replaced the ac window units and repainted.

When I have decided not to renovate bathrooms, I did decide to repaint and replace the light fixtures, TP holder, towel bars, etc.