The properties that sell in that area are going to people who basically overspend massively relative to the market (I know first hand of a couple of properties that have had 5M put into them but will never sell for more than half of that right now), particularly if they are looking at a property like this one which would require a great deal of money to restore to it's historical grandeur (what people are doing there).

If it's cosmetic, maybe it can be restored for less than a new door

One place that we have had good luck is at Restore, especially if you only need material for a smallish area.  

Credit is based on a multitude of variables and you just might fit in the bucket of people whose credit can be "repaired" or "restored". 

In the process I have learned much about restoration, plumbing and flooring and creative ways to keep my tenants happy while thier home is torn apart and repairmen in and out all day.

I would normally want to put in all new appliances, just to cut out maintenance headaches, but hopefully the initial cost savings will make it worth it.I've also found good deals on used cabinetry at our local Habitat ReStore, both kitchens and bath vanities. 

If a major repair is required I utilize funds from the account and then direct all monthly cashflow to the account until the 4% is restored.  

My partner is an GC who owned an insurance restoration company.  

Dude wanted to trade a beautifully restored 67 Firebird, for a little 3 bed 2 bath house in a very rural area.

The rest of the work, restoring the property to livable condition you can have a regular contractor do at regular rates.