For smaller properties, my initial instinct is that the effort is not worth the few dollars a month you will make, but if it is nothing more than calling a few vendors to get pricing, it could be worth the minimal effort.

Everything from full gut renovations to showing students how to use a thermostat.

I have the opportunity to purchase a fully gutted building at a great price.

These are good instincts.  

Hi Joseph, I own 3 SFR long term investment properties, and have gutted 2 down to the studs and rehabbed.Then I help out a handful of investors in various ways.

I FHA'ed the building and I am technically live there but in my unit I am doing a gut rehab so I am not physically living there. 

@Nolan Connor oh man what a gut check.

Once you know your market well enough, your brain IS this tool for you because you can look at a house when you're driving down the street and have that gut knowledge almost right away if it's in a good area, what price point you'd need to hit to break even, how many beds are desirable, etc!

You should have a gut feeling after looking at this and can strategize as necessary. 

Your instincts are correct regarding used furniture, unless you have someone you have rapport and trust with already it will be a major hassle coordinating picking up used furniture.