It has a brand new roof and rafters, updated electrical, excellent siding, big city lot, and a public bike trail right behind their back yard… Most of the fixes would be cosmetic, but it could possibly need a new furnace, and there is some light water on the floor in the basement, so I would need to potentially change some of the grading around the house and/or add some eaves.

Other improvements were cosmetic: painting, removing carpet.

Other improvements were cosmetic: painting, removing carpet.

If you had a property that was worth upwards of $115k with some renovation (so far you've only mentioned adding AC, but let's assuming it needs some basic cosmetic repair, say $20k), but you had no interest in repairing or renting, what kind of deal would you accept?  

The monthly rent rolls bring in $13k a month and with roughly $650 in minor cosmetic repairs/updates per unit could raise monthly rents to $15k.I really like this property and believe I could get it for $950k.  

My 1st move was from an apartment to a home owner was to an affordable house that needed a lot of work, I improved the cosmetic issues but also added value to the home (finished the basement, added a bedroom and a basement) so right off the bat I increased the value of the home and that built instant equity (kind of like a fix and flip, except I didn't flip it instantly I lived in it) Next was to pay off the mortgage, every penny went into the mortgage, you make sacrifices in your life style but at 25 like yourself that wasn't a problem.

If it is in the same condition or needs cosmetic repairs, I would offer $255K and see what happens.

I was looking for a passive income because I was considering a major surgery that could mean a long recovery.  

This spring you buy a liveable but cosmetically dated house (for a low price).  

It would need cosmetic and staging I guessed about $20k of repairs.