I walked into the building and there was torn carpet on the floor, walls of the hall way were patched up (and not very neatly at that), floors uneven, stairs damaged, things were hanging from walls...looked really bad, yet I continued to walk through the building.

I replaced the single pane windows the hail broke myself today, I went up and patched any spots that look like they might leak in the next year or two. 

Below is a detailed list of repairs and costs.Repairs and Costs$120,600 Purchase price$3,000 closing costs$950 survey to split lots$800 drywall patching and repair$5,500 for new water meter and installation$500 wire fence$1,600 new paint$300 plumbing repair$250 new carpet$600 new laminate$100 gutters, drainage, french drains$500 front porch$600 new kitchen sink and countertops$2,000 other misc costs, like new blinds, touch-up paint, gravel, necessary tools.Total Costs$137,300The SaleIn May, our tenants moved out and we sold the rental home for $145,000 after finding structural issues.

Jumping and (semi) hijacking this thread :)  How do you all feel about (with respect to safety) the crowd source investments such as Patch of Land, Fundrise, etc? 

At the end of the day, in my experience, here are a handful of things that aren't terribly expensive and can really help when multiple ones are done together:- Nice laminate floors throughout (or, if you have hardwood and can get the cost in the same range, refinishing those,)- Fresh paint throughout with nice earthy/neutral tones and contrast - I hate obvious paint patching, it makes a property feel like such a cheap rental, as opposed to a classy little place to live. - When you paint, have the painter also scrape the ceilings if you have popcorn/acoustic ceilings.- Brushed nickel fixtures (or something similar) - light fixtures, faucets, etc.- Brushed nickel knobs/handles (or something similar.)- If you have a couple bucks left in the budget, get new (and when I say new, I mean on sale/refurbished/wholesale) stainless steel appliances.

It needs a new roof or maybe a bit of patch work.

@Mattaniah Yip Roofing can vary depending on if it's the entire roof or patches.

My family at one point owned several houses in the patch but has since sold all of them as the neighborhood started to decline. 

@Ronald Rohde Ronald, my last STNL was with Walgreens and it was a NN deal as I was responsible for the roof, structure, and utilities from the street to the panel.All-in-all a good gig as I had a few roof patches which were minor and they pay the property taxes, insurance, and utilities directly.Things get much more convoluted with multi-tenant as they all negotiate differently.  

PATCH ALL DRYWALL AND COAT OR REMOVE ACOUSTIC CEILINGS. 11.