You will not add much value to many of these houses by putting in a new furnace, replacing the roof, or adding windows but they will kill many years of cash flow. 

Particularly someone who is willing to insure roofing as well.

@Julian Almaguer yes, she doesn't owe any taxes but HOA had the roof redone and her portion was $5,000 which she paid for. 

Roof and furnace about 10 yrs old.It's on the edge (yet inside) of an older, established 'A' neighborhood.  1940-60 builds but well maintained. 

It may be worth it though, I actually used to rent an apartment right around the corner from this place, it was in a four unit building that’s as almost always at full occupancy, as far as I remember the entire 2 years I lived there only one apartment was ever vacant and it was rented in about a months time.I found a 3bd 2ba MH on my local Craigslist that seems to need minimal work, the previous owners did major updating, asphalt roof was replaced about  7 years ago, new furnace, new floors and paint.

This is a program where 1st time home-buyers who make at or under a certain % of the area median income (say 80% or less for example) qualify to apply for the grant, certain banks receive grant funds so you would need to ask your bank if they participate in this programRehab costs: $40,000 (lot of sweat-equity)Appraised: $385,000NEW PITI $1785/month: Refinanced into a loan of $260,000 ($325,000 with 20% down, 30 year fixed rate portfolio loan @ 4.375%) and pulled out $61,000 ($260,000 minus $191,00 owed on old loan minus $8000 closing costs) I could have taken out a higher loan (due to the appraised value) and received more cash-out $, but I wanted to be conscious of what my new PITI would be and make sure I could cash-flow going down the road.DetailsBefore Renovation- 864 sq ft - 3 bed 1 bath ranch style home, , attached 2 car garage, 1/3 acre yard- Purchased foreclosed for $220,000 with a 30 year fixed rate loan @ 3.875% - PITI $1385/monthI worked with my local bank to build in renovation funds into the actual loan, where I would pay to have work done to improve the property (new roof, heating system, flooring, etc) and the bank would inspect the work then release funds to me to reimburse for the cost of each repair as they were madeAfter Renovation- 1278 sq ft (finished basement added 415 sq ft)- 3 bed 2 full baths- Appraised Value $385,000The first 6 months in the property was spent doing new roof, heating system, refinishing existing hardwoods (hidden under grey shag rug), new SS appliances, new paint inside and out, finished basement (added another living room, office/bedroom, and full bathroom)For the refinanceI was quoted by my local bank for a 30 year loan a 4.875% interest rate. 

Initially just bought a paid off place to live to be more secure, always have a roof over my head,  then I rented it out and liked what I saw, so I kept buying even more houses.

Sensors in roof, siding, surrounding soil, etc.

Current Purchase Price: $188,000Total Expected Monthly Rent: $2,100It is a 1925 triplex that needs (to name a few):- Foundation work (post and pier, $11k worth of work)- Roof replacement ($11k worth of work)- Electric that needs to be brought up to code (still has knob and tube wiring, etc.)- Termite treatment- 1 dysfunctional water heaterAccording to contractor bids, there is at least $45k worth of repairs. 

Need a little more information but it seems on the expensive side.Yearly taxesCondition of house (age of roof, windows, HVAC), hopefully these are all newer since house was built in 1967.3 or 2 bedroom, integral garage or street parking, etc?