You could rent it to a plumbing company to park their vehicles for $1200 a month3.

I've done a really basic rental kitchen with low end cabinets, formica countertops, and used appliances, but also with wiring and plumbing, and spent more than your $5000 number.

@Sarah Sullivan - We had an investor client purchase a 3 bed 1 bath brick ranch on a crawl space with fairly accessible plumbing fixtures.

Roofs and 'lesser' critical home hardware like HVAC, AC, plumbing and non functioning lighting and electrical. 

It is required to have a building permit/inspection and hire licensed professionals for Electrical, Mechanical, Plumbing, and structural engineering for load bearing, gas line work, and septic systems. 

Our plumbing supply store.

The cost is prohibitive to make them fully compliant by adding ceiling height, windows, doors, electrical upgrades, plumbing upgrades, etc, but the city is also aware that it can't lose all of these truly affordable housing units. 

Exterior work involved repairing the roof, painting, replacing rotten wood, and installing new light fixtures.Multiple contractors were engaged for the project, with licensed professionals handling electrical, plumbing, and HVAC upgrades.I have compared the comps in this area on Zillow and it’s in the range of 115k to 130k. all else checks out, except that I do not have boots on the ground to verify in-person.  

The huge bonus of this property was it was coming with all existing materials inside including, condensers, lumber, electrical wiring, as well as pex and PVC for the plumbing.

The price will vary of course but roughly for one bedroom unit, with wiring, plumbing, finished bathroom, kitchen, hardwood floors etc. could go around $20k.