It has been transitioning, but it's still going to be important to make sure there aren't any problem houses immediately adjacent.At that price you should be able to be just above cash neutral, at least for the first 5 years assuming everything was done correctly.What I don't like about that property is the fact that you're paying retail price.

Then if you have any bad stains in the subfloor from pets they make something called Natures Neutralizer you spray it on the spots and let it do it's job.

If there is not enough money left over to make everything nice then try to blend in items to make neutral and less noticeable.

Likewise, if you do an addition and add a nice master suite to a house that doesn't have one but in an area that calls for one, you could easily add more than $1 for each dollar spent.On the other hand, if you replace neutral finishes during your remodel with custom finishes that don't have broad appeal, you could lose money on your rehab (in other words, house could be worth less after you spend money on it).Most likely, for a personal remodel, you'll be somewhere in between.  

I have several rental houses and have always given them a new coat of paint (neutral color) during the initial make-ready.

Basically I am looking for a cash positive or cash neutral investment with 25% down.

Although it appears that we should have demanded the operating agreement that we have them when we started (it was totally neutral and they had no reason not to sign but laziness) it is actually not the agreement I would find workable now.

You want to stay neutral on items. 

A neutral or small positive number is really more based on geography.  

You can cash flow neutral with a 25% down in those areas and have the added bonus of appreciation.