The sexy areas are a gamble on appreciation, I'd look for cash flow.I'm in Houston and can't touch anything within a 5 mile radius of my house where rent numbers work.

I have two (teens now).

To note they have bearings instead of bushings which is better.The small non sexy things that affect the envelope are easy DIY type items, but it's slow going.A hole behind the thermostat is a big deal because its sensing unconditioned wall space as well as the envelope.Every single gang electrical box passes around 1 cubic foot per minute of air, 6 in recessed light even more.

Real Estate is a fun and sexy industry.

In north Idaho, temps often get down to the teens and sometimes below zero.

@Greg PondThrowing out the obvious non-sexy repairs -- roof, sewer, etc. -- that nonetheless matter a lot, I'd say there are four big renovations that bring a nice return on investment for properties in Denver and Colorado Springs.A moderate kitchen update.

I am seeing ROI's in the mid-teens every year!

Thank you @Adam Robinson and @Jon Goehring,Be careful of the sexy high priced areas.  

My teens like to kayak, and we live on a lake, so we have lots of things to do for fun.

I also do a lot of the work with my two teens.