Ironically, I was at a wedding this weekend and met a fellow who is licensed in Illinois and completed just a handful of transactions a year to supplement his income.  

Tenants that are one flat tire away from missing rent will not result in quality cash flow, and yet ironically these type of tenants are the kind that tend to rent in the type of neighborhoods that show the highest pro forma cash flow projections on paper ... too bad those cash flows aren't what you will actually get during a downturn, and you spend much of your time chasing down rent as opposed to growing your portfolio ... too bad that the increases in rents and prices will not tend to keep up with inflation in many of these neighborhoods too ...

To get it in that condition would be roughly (and I've estimated high on all of it)Upgrade to hardwoods on second floor, and refinish first floor. 12KPaint interior 5KUpgrade appliances and plumbing fixtures. 5KUpgrade electrical fixtures (some have been upgraded to stylish black wrought iron look which is popular here) 2KNew HVAC first floor (second floor HVAC replaced already) 5KLandscaping 5K (this may be really high, but I figure it pads the other numbers in case something comes up)Total rehab 34KSo we've had some investors come and look at the house and offers range from 290-300K.

Add a cast iron or aluminum fence around the pool for safety and charge rent high enough to include a pool company to maintain...maybe, I do not have a rental with a pool (above is our pool) but I could see it being quite a plus if safe and easy for tenants.

@Tom HurfordThe house is 2400 square feet, brick. 4 beds, 3.5 Bathrooms, University Heights, OH (near Cleveland)ARV: $240K-$260K Initial Budget was $58KBid from contractor: $59KMaterials I am providing: $16K (incl 2k contingency) (in bold below)Rough Scope: Landscaping (clean out window wells, remulch beds, trim bushes and trees)- L: $1845Masonry ( Tuckpoint Chimney, Tuckpoint exterior masonry around porch, powerwash brick) L&M: $1200Windows (Replace 16 Windows): L&M:$3600Roof (Inspect Slate Roof): $150Gutters (Replace all gutters): L&M: $1200Deck (Powerwash and stain): L&M: $500Front Porch (Scrape and Paint Iron Railings): L&M: $100Exterior Lights (5): L:$100, M:$200Kitchen (Complete upgrade, counters, cabinets, tile floor) L&M: $11,000, Appliances: $3,000First Floor 1/2 Bath (Complete upgrade,): L:$2000, M (supplied by me):$550First Floor Master Bath (Complete Upgrade): L:$4500, M (supplied by me):$2400Second Floor Main Bath (Complete Upgrade): L:$4500, M (supplied by me):$1800Third Floor Main Bath (Complete Upgrade): L:$2000, M (supplied by me):$1600New Entry Doors and Lockset (3): L:$300, M (supplied by me):$1025Finish Basement walls and ceiling (Frame, drywall, and Trim, 400 sq ft) L&M:$10,000Finish Basement Flooring (LVP): L:$1500, M (supplied by me):$1000Refinish Hardwood (1300 sq ft): L&M: $5000Electrical (Replace outlets, switches, faceplates, interior lighting): L:$1100, M (supplied by me):$1026Paint Prep : L&M: $600Paint Interior (floor (basement), ceilings, walls, and trim): L&M:$5000Exterior Painting (Garage door, house/window trim): L&M:$2500

Ironically, once I got in touch with them, I found out that they were on BP also so it worked out.    

Additionally, @Parker Cox, Kevin Fox, and I are working on setting up another meetup soon, which we will post about on BiggerPockets when we have the details ironed out. 

If just fin and tube baseboard get a basic a cast iron boiler from say weil mclain.  

Am I going to replace the cast iron plumbing even though it isn't leaking?

Of course there is also insurance and taxes and maintenance (still well lower than the $1500 for stocks) but it is an asset that will appreciate (specifically where I buy) and if there is a crash I still get the rent.I do also invest in stocks using a method called Iron Condor on the S&P500 Index.