., Given the current housing shortage, this is not surprising.One should probably consider the feasibility of bidding within the parameters you cited, doing a minimal "lipstick on a pig" fix, and holding for rental income.

If the electrical and plumbing are from 1962 and you've added 2024 upgrades, that's just putting lipstick on a pig. 

Lipstick / cosmetics go a long way.Just my 3 cents.

Those issues were likely pre-existent and lip stick was applied to get a tenant in.   

After getting into the rehab, we found that our partnering property owner had purchased a "pig with lip stick". 

Garden was partially finished but looked like hell, put $10,000 into a new kitchen and lipstick in bathroom then rented it out for $1,200/mo.

While this works in certain circumstances (IE you are buying under market value and rehabbing to increase to full market value) it will not be as simple as putting lipstick on a pig and commanding a higher property value.

I am not too worried about the basic lipstick rehabbing but I will definitely need to hire contractors for the more complicated repairs: plumbing, electric, roofing etc. 

They couldn’t be turned over with lipstick.

The Home Inspector report revealed major deficiencies in the rehab and the Home Inspector told me that the rehab was like “putting lipstick on a pig”.