If I get the house for 55k I am essentially paying 30k for the loan (about 1 month) and the rehab:1) siding2) roof3) 11 double-hung windows, 4 glassblock windows4) clean yard5) repair fence6) replace attic windows with vents7) replace garage door8 ) install lattice around porch9) troubleshoot plumbing/electric, make all minor repairs10) LR-patch/paint, new carpet11) DR-patch/paint, restore hardwood floor12) Kit-drywall ceiling, replace countertop and backsplash, install vinyl floor, install new door to basement13) Hall-install new thermostat, patch/paint walls, new closet door14) Bath-???

When you factor in all the bells and whistles put into new homes, larger square footage, media rooms, granite countertops, etc; the average sales prices are much higher.

floors along would be $5k and then you have the cabinets, paint in AND out. all appliances and counter tops.

If all the competition is remodeled to a certain standard then you know what you need to do, if not and everything is outdated ask your realtor for advice.Do you have any skill in picking out counter tops, cabinets,tile etc?

Don't underestimate the power of shining floors and clean counter tops.

All the counter tops are granite, cabinets either are new or have been replaced in the last 5 years, bathrooms are fully updated, etc.

Everyones watching HGTV and they want the granite countertops, fresh hardwood, crown molding etc.Now if you were looking to buy and hold, being all in 75k or less is very doable as you can do so in less desirable neighborhoods. 

I was curious if savings things like the cabinetry and corian countertops?

The one that has an immediate impact is appliances, countertop, imported items.

I choose standard white cabinet with shiny black granite countertop.