You find the house completely trashed with missing appliances and cabinets, tenants were cooking meth, windows broken, etc. 6-8 months of unpaid rent, unpaid utilities, thousands to empty the abandoned property and trash, $50,000 to completely renovate the property and make it rentable again, plus all the time, energy, and stress along the way.I would actually argue this is pretty common and not even the worst-case scenario. 

The building has a metal exterior finish with large bay windows and a durable brick.

Haven’t discussed pricing yet but probably won’t get as great of a deal on this one but it is a beautiful log cabin with big windows and fireplace overlooking the water.

My guess is in that price range and limited window, you will not make enough additional appreciation to make renting it out make sense, so unless you planned on keeping it forever as a rental you are probably best off selling and cashing out.

The biggest mistake new investors make is to walk a property, maybe explain in general terms what they want and then let the contractor come up with the SoW.For a bedroom this could be:- replace carpet- repair closet dooror- remove carpet- remove curtains, nails and screws- replace closet doors, entry door SKU#- replace window SKU#- refinish hardwood floors 144 sqft, clear/oil-based- prep and paint all woodwork- patch walls, texture, paint walls eggshell white clay, ceiling flat white- replace light fixture SKU#, replace lightswitch w decora/white, replace 3 outlets&covers- install blinds SKU#Obviously, the cost would be quite different.

.: Quote from @Mark Frattini: @James Heller For rental grade cabinets check out H cabinets in Miramar.Call San Diego Flooring Pros or La Mesa Flooring for LVP.Ecotech Windows & Doors for windows.

In order to avoid wasting time on a bunch of individual showings with unqualified applicants, perhaps consider doing what I do and host “open house” style showing windows. 

I get the 2 schools of thought on keeping cash flow to stay liquid vs. investing your money where it will make the highest return, but my W2 job salary means I don't "need" the 2400/year of cash flow at the moment, really all I am looking to do is maximize this rental return over a 10-15 year return window.  

This gives me access to a large network of skilled contractors, including plumbers, HVAC specialists, electricians, and general contractors.I’ve identified a promising opportunity with an auction property, but I’m unsure how to accurately estimate rehab costs with only a small window to do so.

Seems like we could be negligent if we allow self-guided tours and someone leaves a window or the back door unlocked and comes back to occupy or destroy the property later.