I had to have the duct work cleaned, (no carpet, but would of torn it out), scrubbed the entire unit top to bottom, painted every paintable surface (walls, ceiling, and kitchen cabinets) with the oil based kilz with two or three coats.  

Rehab for $10k (yes it's not that bad - mostly cosmetic) add another $5k for mechanical that haven't surfaced. 

The deal doesn't sound that bad on the surface.

That may mean occasionally passing on what may be a viable deal but I'd much rather find a deal where the numbers work out with the added buffer.As for this property, it doesn't look to great on the surface but you may be able to refine a few things. 

this can be done in a JV as well.This is just scratching the surface of ways to put this together.Good Luck.

Hi Richard,  This is not a great deal on the surface unless the home TODAY can be occupied and has a strong principle paydown to entice you to stay in in the deal. 

But, on the surface, looks like a promising opportunity to me.

And trying to add workers  imo, etc. is wholly impractical- you might as well hire a licensed and insured landscaper to do the work  Remember, any tenant can sue for any reason- slip on uneven surface, slippery stairs, etc., so there are always liability issues with rentals.

On the surface this sounds like a very "skinny" deal with the payment at $1109 and the proposed rent at $1200; however when we fill the house with a lease/option model we can always get a premium to market rents, typically 20-30%. 

Some areas you just have  to have no peeling chipping paint (interior or exterior), no painted friction surfaces(stairs windows).