The house is actually in decent shape except for the roof and electric panel.So how much will it cost to remedy broken pipes? 

Here is what I would want to see broken down:Current Monthly Income = $7,800Vacancy 3% or 5% (What is it really?)

I guess the tenant has done some of the upgrades with her own money, and apparently the seller and Tenant normally have a great relationship, but not yesterday. 

If upgraded could get $900 maybe.3/2 two unitsIn the east/south Dallas marketList price is 210,000 with multi offersI'm planning on offering 215,000Rent rates are at $1000 with current condition.Small rehab investment could get rates to $1200.I feel 215,000 is a good offer but don't want to lose the deal over low balling my "best offer"Any advice, thoughts, suggestions would help.

I live in a home now that's paid off and my car is paid off but over time I'd like to upgrade homes into something nicer of course.

I would be able to finance approximately 10-20% of the property, but would like to retain some funds for quick upgrades and reserve funds.

I got two quotes for renovations, and I'm going to go with Finishing Touches.The renovations are going to cost ~30k, and include a new roof, upgraded electrical system, adding a shower to the master powder room (which requires some reconfiguration to the room next door), new counters, paint, flooring throughout.   

What small upgrades are the biggest return on rental units.

Whitney,Could you upgrade the septic later and have the deed restriction removed?

A place for anything visibly broken or missing or maintenance items, chirping smoke, loud fridge hum etc.