It is on the surface, but wouldn't that still be around 0.1% of the gross rents?

The private loan seems like a good option on the surface, however the exit might be tricky.

@India Brown, surface level rehabs are best to start.  

I am afraid if you are chasing cash flow and associate cash flow with lower risk, you will wind up purchasing in a lower barrier of entry/lower cost market where cash flow may seem better on the surface but the real estate is riskier unless the market experiences significant appreciation.  

Plaster is a great wall surface, it is actually "higher end" and damage resistant since it is hard as concrete, the reason no one uses it anymore is because it is more expensive to install and harder to patch.

Left alone it’s the ultimate maintenance-free surface.

What's going to be more effort - doing a bunch of floating and patching on an old surface, or starting from scratch with modern building materials?

Sounds like creeping towards Cuba, Russia, China... dictators go vey slowly and make everything sound "nice" on the surface, until everyone is equally poor (except the Party Bosses, they have all the goods and means of production)

For example: Let's say a painter would do that one room that you painted for $1,000, all materials & labor included, all surfaces.

I personally would hire a handyman to get some mold killer and clean the surfaces with it for a minimum charge of day $200.