I wasted so much time on a major that I barely use on my day to day.

But for a stabilized Class B multifamily in this market, for example, my bare minimum would be 10%, "depending" on how much brain damage the building caused me (even though I use a management company) and what the appreciation potential is (which I never assume more than the rate of inflation, tops) etc.  12%+ is what I'm after.  

I know locals that eck out a living barely owning these no one gets wealthy with Trash flow..

It barely smells when being used and doesn't leave a smell after? 

Due to the cost, that is about the bare minimum.

There were bushes and poison ivy so mature, you could barely see the home before.

After considering all costs, I was barely making more than I would as a long-term rental and it was taking up a lot of my time.

Typically 6% for bare bones permit set and you will have to find the contractor plus project manage it through construction.

You tend to see higher turnover when it's that small; good chance the property owner or property manager can't find people that a) only want 700 sq ft and b) are willing to sign a 5 year lease. 

My experience is: if you have a rental that you clearly are putting in the bare minimum to get it rented: cheap carpet, quick coat of paint, cheap light fixtures, repaint cabinets, etc, in these lower income, higher crime areas two things will happen.