Mostly just need to replace drywall and paint, new carpet and some minor bathroom repairs.

Lead paint or any paint chips etc also. 

I wonder if they were saying it costs about 10k for the materials to "print" the exterior walls or something, not counting the labor, overhead and machinery involved to build those walls...Not even counting the foundation, roof, utilities, trim, partition walls, doors, paint, etc. 

Lawn is mowed, exterior paint is in reasonably good condition, visible A/C unit appears less than 5 years old, etc. 

Looking at a few a off-market properties it seems like the smaller ones in good areas have great potential, but only for major rehabs - simple floor and paint jobs just don't have margins to make sense. 

Otherwise, you are in MPLS or St Paul, and both are average at best.3-4 unit multi family property (small yard and garage are requirements):  See all comments abovePotential for value add - completely OK with doing a live-in remodel:  This will be random, if you see 6 properties in 1 year that meet all the other criteria you will be lucky, broaden to duplex and you will have more to choose from and might be able to sort for value-add. 

However, I can understand why some investors choose multiple CPA's.

The tenant would be responsible for rent for the entire lease term, or at least until we find another tenant if we choose to be nice (we always would). 

You choose whether to keep them or not upon closing.

Here's what I know of the numbers: House is 4 bed/3 bath, 3100 sq ft$55k is owed to bring everything current (HOA, mortgage, fees)$8-12k for rehab - general cleaning, landscaping, 1500 sq ft of carpet, interior paint in some rooms$164k - current loan balance, $155k after bringing loan current, PITI is currently $1076 @ 3.5%$1800-1900 current rents in the areaIf the loan were called, I would be able to pay it off.