Then have the property appraiser update the records to show that it is part of the heated square footage... too many try to use porch areas as bedrooms and get caught later because it is not permitted properly...

Need to replace floors - what material and how many square feet are we talking - Then round up.Paint - what type of paint is tenant proof and how much?

Year 1 (new tenant)NOI: $3510Annual Cash Flow: $1510Monthly Cash Flow: $126ROI: 13.2%Cap Rate: 7.8%Year 2 (assuming tenant stays)NOI: $4160Annual Cash Flow: $2160Monthly Cash Flow: $180ROI: 32%Cap Rate: 9.3%You get the picture.The potential red flag for me is that my monthly cash flow would be either $180 or $126 -- and this is all dependent on tenant turnover.

Any exclusive business use/ rental use square footage. 

If you find high vacancy, that is another red flag for the market and you should be cautious.

Fact of the matter is, in the short term, the majority of office owning/renting companies will be locked into their leases.I am seeing some negotiations currently going on, mostly with regards to tenable square footage; however, ultimately that is up to the owner/landlord.

I'm in California and I can do an entire rehab and landscape close to 120k (for about 1400 square ft.)

It may throw red flags. 

The house:  about 670 square feet, no garage, no basement - newish roof - great exterior - AWESOME huge yard - but the person who got it to try and flip it did a horrible job (he bought it for $66 K two years ago) and did not finish it. 

@Suzanne Chan light fixtures are doable, doors should be doable but can be finicky if one house or the other isn't perfectly square and the door rubs, with solid doors this can be corrected with most interior doors it can't.