I assisted my friend earlier this year and he only spent $8,000-$10,000 total on the home and replacing the sink, toilets, tubs and kitchen and bathroom tiles as well as other minor repairs.

You learn how to fix stupid things like broken toilets and windows etc etc.

You could also manage a 4 story townhouse in NYC- which would also net you the same, meanwhile your only dealing with 4 leaky sinks, 4 tenants, and 4 toilets.

The inside isn't done, it looks squatted inside and it feels like the sorriest attempt at a house, more of a super large shack.

They will sometimes call for a burnt out bulb or a clogged toilet and at 4 in the morning.  

When we get in, the hole in the roof ruined all the ceilings and its so far gone we can't fix & flip and make any profits, as we won't make any money putting $50k into it, so we are doing a rental rehab, keeping pink tile and green toilet, putting in a renter, and will sell it as a loaded rental after that to an investor as a turn-key property. 

There are openings in the upper west exterior walls where electrical conduit was removed.10.The stucco in these areas has not been repaired to prevent moisture penetration and deterioration.11.The front unit has issues flushing the toilet, which was confirmed with a tenant, so camera scoping of the drain pipes was performed that revealed damages and blockages in the pipes.12.Deferred maintenance on multiple items: cracks around windows and pipes, gas pipes are not supported, pilot lights in heater units were not lit, a water heater unit has no ventilation.I hired a plumber to scope the pipes (please see his report in the invoice attached and photos); a roofing company was hired to assess the damage to the roof above the middle unit only (please see proposed work sheet); a general contractor has inspected the settlement of the wall in the second unit due to the damaged frame.

Property is a 3 bed 1 bath with a weird extra toilet in the basement. 

My plan is to charge one student 50% of the rent to take care of the basics (lost keys, plugged toilets, etc).  

I obviously don't know squat about tenants rights in Reedsburg, Wisconsin, but I'm going to guess that if we can find ways around the tenants rights stuff in the Bay Area, there will also be ways around it for you in Wisconsin. :)