Is the property serviced by City services, or is it in a MUD district, or will you need a private well and on-site septic?

BUT .........How much time do you have to push that cart thru home depot and load it up with a hundred 2 by 4's , 30 sheets of drywall , all the right nails and drywall mud .

With an older house you better practice feathering drywall mud, you may get a lot of practice!

I think once you add those expenses your Cap rate will decrease to an undesirable level.

Howdy, I hope I am not a stick in the mud BUT after reading this post I like to say something and I hope I am not out of line here.Quite a few years back, waaaayyyy before I even got my feet wet in Real Estate, I remember this one deal I was offered.

I recently got a call from an individual about a couple of condos he owns, but i looked them up on zillow & the estimation was 49k & they were also in a very undesirable area.

One thing we don't bother DIYing anymore is taping and mudding. 

I assume she is either living with you now, or is paying rent somewhere else, or is in a home that is essentially undesirable for her to continue to live in.  

I write this, cause sometimes we get like stuck in the mud...

If they don't comply, which they likely won't, give them notice that their tenancy is not being renewed and they have 30 days to be out.We have gotten rid of multiple undesirable tenants by not renewing month to month tenancy.