If most of them have updated kitchens with stone counters and stainless steel appliances and yours was last remodeled in the 70's, then you may want to remodel the kitchen.

The current tenant has mentioned that he would like to make the basement (which is exposed in back with just a steel door - no windows) livable space for himself.

I also looked at steel framed homes if you want to be a "builder type" These homes once erected on a site provide instant equity.As a rabid fan of HGTV I watched as a couple build a magnificent modular home right from the factory.

I dont want to steel it from him but I cant give him fair market value cause of all the work it needs.

I do have to say one thing about Sprint Broadband.Many new Laptops are no longer being made with a PC Card slot.

You could also look into the steel buildings, kind of like warehouse style - http://www.rhinobldg.com/steel-building-specials.htm I feel that far too many people do the 'mainstream' thing not because it makes them happy but because its what everyone tells them they should do.Just remember that what you want to do now may change as you get older.

Gorgeous tile, fresh hardwood, new cabinets, stainless steel appliances.

In the kitchen we held onto a quite old but solid stainless steel countertop and added white glossy cabinets that looked higher end (these seem more popular over here than the US for some reason)

@Ryan Steele just because YOU are not investing in those areas doesn't mean "those of us in Chicago" aren't.

I am looking at buying my first rental property and wondering what strategy makes the most sense, I have some cash can buy one house that might not be in an area where the value will go up anytime soon but has slot of renters and the house would need little work if any before its ready to rent, option 2 would buy maybe 2 in that area but they need work so can use a credit card to cover the repairs and help build my credit ( I have a good score just not a real long history which the bank dont seem to like) option 3 would be take the cash I have to cover 20% or higher of a down payment on a house in a better area where rent is 300 higher on average my goal is to buy and hold and rent maybe down the road get into buying and selling thanks for any opinions