We sold the house with no carpet, no appliances, etc to a handyman who wanted to refinish it.  

Updating all the mechanicals, refinishing the wood flooring, adding a 1/2 bath, flipping the kitchen from the existing kitchen into the dining room to make it more usable, updating the full bath, and adding a garage as well as painting throughout.

For private areas of the house like bedrooms, I refinish the original wood floors.

Purchase price: $45,000 Cash invested: $12,000 Sale price: $124,000 Old single family home I flipped with some structural repairs, sanding and refinishing original hardwoods, new kitchen, light bathroom update, paint inside and out, and other cosmetic touches

The previous owners had already done some renovations, like most Levittown houses, but Mike totally refinished the placed and added some more square footage.

Or, you can buy in an area where incomes are higher, crime is lower, and more qualified buyers want to live there, but then the cosmetic upgrades leave no margin (almost every owner-occupant is willing to repaint and refinish floors over time).  

You are not rehabbing to sell, so I would not refinish them.

For primary residence #3, we bought in the path of progress; so, not a live in flip per se but similar in that we will get high organic appreciation and also add value through easy rehab such as refinishing floors and railings, replacing fixtures, improving landscaping, upgrading tile, etc.

One bed+bath upstairs, two beds + one bath in a finished basement.Fast forward 5 years (after the long term tenant of 4 years left) and I get a report that the basement has been ruined from water intrusion, requiring the entire basement to be gutted and re-finished.

Consider a yearly refinishing or a protective sealant.Utilities and Amenities:Laundry: The presence of in-unit laundry is a major plus for tenants.