I can convert the garage into a one or two-story extra unit on the property.  

It went from a rundown home and outdated in every aspect to an up to date property that I rented for 2 and a half years then sold What was the outcome?

Variables that might change that number would be size of house, number of beds, extra duties you want the team to do (like fetch supplies) and perhaps the drive to a remote area. 

My thought is to help him out by going in 50-50 partnership for many reasons: half down payment, half capex expense, strong co-signer on loan, me being local to investment property to take care of little things that need attentions (he will be out of state for his job/I will have PM), etc.  1. 

If you're willing to travel and hour and a half and be hands on then you'll most likely accrue more equity in your deal when you have a successful renovation but you're trading your time.

Not all of them are sketchy, but about half.  

It also doesn't need to be all or nothing.. if you have the ability to save an extra $30k per year, you can save half of that into a brokerage account and the other defer into a Roth 401(k) via MBDR.

I would say it's not worth rocking the boat for less than $200 additional per month, when you look at what you're overall ROI. if it's really that big of a deal to you, maybe consider canceling the pest services that you know are being utilized and would facilitate not having a roach problem, so that you can save that extra money every month and have that money back instead of raising the rent price to the tenant.I have seen this in many different places, Metropolitan, rural and otherwise, and it doesn't necessarily matter with the market rent is you're not always going to get that.

Quote from @David Robert: Quote from @Jaycee Greene: Quote from @David Robert: I recently became aware of a very cheap property (roughly half of after repair value) and upon looking at it in person I found out why it was so cheap: there is severe cigarette damage throughout the 1st floor (basement less so, but not entirely without damage); there is visible dripping tar on every wall and the smell is awful.

Not to say you cannot do well, but it’ll take some extra TLC.