Our properties are all rehabbed (or had a "lipstick" rehab done on a property that was already in good shape).  

@Ben Leybovich because there is no lipstick on it huh?

In that case it may be worth the investment but the return may not be worth your effort.Generally the most you should do is repair everything and basically put lipstick on a pig as they say.

They are going to put some lipstick on it to get it pretty for sale.  

In my city, flippers have a not-so-good name because a few flippers in the area have been known to cut corners and do crappy jobs (putting lipstick on a pig). 

Are you focusing on lipstick deals or major rehab deals?

Can you go for lip stick on "pig" nice?

Not only about real estate investing, but I'd be able to point out all of the crappy lip-stick workmanship in this house.Best thing I can do at this point is make improvements.

I was.He renovated completely, so no major headaches for 10-15 years, and with bi-yearly inspections, his units will stays relevant on the market.Also the Section 8 tenants, what do you think they will choose: the brand new renovated, trendy unit, or the one "lip-stick" good-enough renovated 10-20 years ago?

It's a rental so if the work does not add to your bottom line you do not do it.Make sure everything works properly, put some lipstick on everything and rent it out.