By the way, my investment property is a single-family home that needs some cosmetic updates in the kitchen and needs new flooring.I would only recommend managing it yourself if you know the rental comparables and have the facts about what properties similar to yours will rent for.

@Syed Khan, I disagree with @Derreck Wells, plenty of flips are cosmetic only,  livable but dated. 

I own other properties that I rent out and I think they just kind of assumed I'd keep it and rent it out.Original Plan:Purchase price $86kARV  $179kRepair estimates: $25kLoan/carrying costs $8,000n (hard money loan points and interest, utilities)Realtor Commissions: $10,750Potential Profit: $49,250I live on the other side of the state, so I planned on driving down here and staying in this house while I fixed it up, doing all of the cosmetic work (paint, refinishing floors, refacing cabinets, etc) and bathroom remodel myself and hiring out the heavy work (replacing siding on garage, new rollup door, electrical work, new heat).

The units were mismanaged, rented substantially below market, had a few vacant units, had significant deferred maintenance and were in need of cosmetic improvements.  

Scott's book on this site about estimating rehab costs, there's no way to just ballpark a budget without knowing scope of work... you could be looking at $10/sq ft for mostly cosmetic work with builder-grade finishes and low-end appliances (i.e. $15K budget) or $100/sq ft for full gut rehab with luxury finishes (i.e. $150K budget).  

I would add to look for "cosmetic fixers" that are solid in all their major systems, but ugly and dated finishes ... you can add a lot of sweat equity to places like that.

There were some minor cosmetic work to be done along with the wood siding needing to be replaced (estimated $4-5k on avg from various contractors).

It requires no rehab, the major systems/roof should be all good for another couple years and then some and likely only needs some cosmetic touches to get it ready for a renter (coat of paint in some rooms, etc.)Note that the rental properties I am considering are all turnkey or are already cash flowing, so no significant (or zero) costs for make-ready on that front either.

There are a few doors to replace and it could use some paint but at face value it's all cosmetic.  

The structure was sound, but it needed some serious updating/cosmetic work.The house sold in just a few days for $125,000.