Since I have not physically rehabbed a property before AND I'd like to comfortably live in a manageable FHA property as the repairs are undergoing while I am living there, cosmetic repairs are preferable (just like yourself it seems, according to your profile). 

There is not enough fat for another investor to make money from any of these deals. 

I find that most people include to much contingency or fat in their numbers so they talk them self out of the deal.  

A big fat ZERO.

Pigs get fat...hogs get slaughtered.

Remember the saying- pigs get fat and hogs get slaughtered.  

Hats off to tech and research for bringing a lot of new life to the area.I know that new home sales in greater Allegheny County have been moving much quicker since the housing market regained its feet, and seem to be turning over with a lot of force, so it's likely that neighborhoods peripheral to ones that are currently revitalizing might themselves undergo a bit of a renaissance not far down the line.

Plus, the house where they are renting, are told they have to move because the house is undergoing foreclosed.

If you are a builder, your return rate will be much higher.Fort Lee is under going with some major construction.

But, that is a fat cash flow scenario and few people get that.