.: paint, new carpeting, refinish hardwood floors, etc.I would like to try to sell it myself.  

I am haopy with the deal but would like to see what others think as far as risk return.The unit is a 2 bedroom 1 bath, 900 sq ft, 450 sq ft storage space, balcony, in unit washer dryer, outdoor parking, brand new paint and carpet, with appliances that are far from new but good condition.I analyzed the deal using the rental rates others are getting in the complex and subtracting all of the known expenses.

@John Chapman  I know I paint a broad brush.. but if your unlucky enough to get a house that settles 6 inchs because of soil shrinking.. then you have to deal with it.I have one left and god I hope I can get it off the books in the next 60 days.last one I sold while in escrow monster hail storm had to replace roof had to postpone sale had to pay deductible   all in all cost us about 4 to 5k ... and owner got a brand new stinkin roof. 

I would paint the cabinets white, install new laminate countertops, tile back splash, tile floor.That is as high end as you should go for a B class rental.

@John Casmon Scott Matthew C.Hey All -Much appreciated on the feedback, this has been really helpful.To paint a full picture, the original offer was based on verbal numbers and rules of thumb while placing a heavy emphasis on due diligence.  

Painting the cabinets in the kitchen saves you a boatload.

Then add paint inside and out, new kitchen, updated bathrooms, new carpets in bedrooms, new light fixtures, updated sockets and you´re probably looking at a budget of $8000-$9000 in cosmetic updates, $6000-$7000 for a properly permitted roof and $3000 for a new HVAC system.

We have been looking in Pittsburgh for cheaper rental properties in need of minor updates (painting, flooring, etc) in order to do most of our own work and get the property turned around and rented.

I'd begin by painting the house. 

It's not all paint and carpet.