I'll give you some examples:Older furnace/water heater (not ancient, but certainly end-of-life).Vinyl tiles (lower-grade) or even better, rolled linoleum.Bedrooms without molding.Worn carpet.Roof structurally sound, but shingles at end-of-lifeThese kinds of things are easy/cheap to fix from an investor perspective, but they drive down the retail price of the property when someone is trying to sell it.  

Roof is 5 years old, water heater is 2 years old, HVAC is 9 years old, washer/dryer are ancient so that's probably going to be my first expense once it breaks.

The other area is Greek town ($80K-$125K properties) where there have been a number of rehabs that didn't sell, so I like to utilize lease option sandwiches in this area.

I'd suggest you check out Cleveland, thats where I invest, live, and practice the ancient art of real estate :)  I am sure you can find a home around 50k here no problem.

If the home is completely gutted and opened up it will look like a can of worms behind those walls due to the ancient building methods.

Cost for new tank and lines: $4000- Ancient HVAC at another house failed (I was expecting this one) - another $4000.

If you did buy WestChase, to me that is not the end of the World there are other areas I would prefer less, I grew up in 32210 so I am better with that area than ancient Architecture in urban core Zip codes. 

Obviously, I’m right and their wrong (LOL).The two books that are an exception, are ancient.

I remember the devastating floods in Queensland Australia when the powers that be allowed building permits for homes on 'ancient' flood plains because they were of the opinion that Global Warming would prevent future flooding.KARMA's a b.tch !!

Ancient history.