Could be as simple as a roof or complex as the foundation.  

We decided to slowly switch houses into condo since no 70 year old should ever be on a ladder fixing a roof.

This means a roof that does not leak, hot water available, heat and air conditioning, and good plumbing / electric.  

Roof, exterior work, additions etc...

Within 9 months of ownership we have already replaced the roof, hot water heater, remodeled the entire living room due to a cockroach infestation inside of the walls.

For my questions below, imagine a vacant house of 4 years with roof damage (so expect drywall damage, mold etc)Wholesalers - If you have a house gutted and down to the studs and bones, are your investors more hesitant or less hesitant to buy than if the walls were up and debris scattered around?

It needs a roof, siding, Windows, and we already rehabbed a bathroom.

The $510 decamps to $208 for the HELOC payment, $75 for lawn care/snow removal per month, and $227 monthly in owner paid utilities -quoted by the utility company- I plan to manage the property, but budgeted for management expense anyway- Furnace and roof were recently replaced- Loan terms are 3.75 with 3.125 points (included in the $7k closing costs above per the bank) - 30 year mortgage- My goal is to buy and hold with an eye on retirement, but of course I'd like to cash flow now. 

Although my building isn't new, the only thing not being replaced is going to be the exterior walls and 2/3 of the roof so my thought was that it should maybe be appraised using the cost approach since it's close to being new construction from that perspective.

Except for the two bedrooms, I took every room down to the studs = new wiring, plumbing, insulation, drywall, flooring, fixtures, counters, doors, trim, windows, appliances, roof, gutters, landscaping, fence).