It will not be as aesthetically pleasing as I want it to be.Are you trying to do the work yourself or are you using contractors?

Kind of like what you might see in a storage room, garage, or workshop.Even if the wiring is up to the code and passes muster, I would be concerned about the aesthetic issue that may turn off potential tenants.The bigger issue here is the use of an FHA loan for a rental property.

These are the things he could see upon first inspection.We plan to do all of the aesthetic work (painting, flooring, etc) ourselves but would need contractors to do the structural, electric and plumbing work.  

It seems like SFH and MFH housing depends a whole lot on quality of construction and aesthetic appeal, as houses on the same street price and sell for such different amounts.It seems like a nice Quadplex would be nice, but there is an argument for a Duplex.

Home warranties often cover very specific items/components (HVAC, hot water heater, etc), not structural, built-in systems (wiring/plumbing/ductwork) or aesthetic items. 

It was built in 1952 and could use some upgrades (rotted out bathroom floor in one unit, rotted windows, and some aesthetic upgrades among others.)

It was built in 1952 and could use some upgrades (rotted out bathroom floor in one unit, rotted windows, and some aesthetic upgrades among others.)

Is this a test or are you trying to "punk us"?  

In most cases the money is well spent contributing to the aesthetics and positive property values.

It's really a question of being able to see the potential of a building, navigate rent control, get your buyouts handled BEFORE removing contingencies, and renovating in the right aesthetic to extract the highest rents.