Lastly, $600/month sounds way too cheap, even at $150k.

Do you go cheap using vinyl and bland appliances even for a first time home buyer market or do go with tile and stainless steel to attract and be the out front property? 

(Of course)How cheap is the money that you are borrowing to do these renovations?

Don't just follow the numbers, there is so much cheap housing down there but it doesn't mean its a good deal cause the unit cash flows whatever arbitrary number you desire.

At first glance, the $495 seems cheap, and probably makes you wonder the reason for the low price; however, it could be explained for a variety of reasons: (1) it is that contractor's bread-and-butter; (2) the other two high priced contractors are swamped with work and simply won't do a job for less than x amount; (3) the low-cost contractor is in need of work and will work for a smaller profit margin. 

My question is this, I came across this 2 br condo foreclosure which I fell is dirt cheap for the area as the rent is fairly high.

Just reminding everyone that is reading here, a plane ticket + rental car and budget hotel/airbnb is cheap insurance when investing out of state.  

If I just wanted to invest this $10,000 into real estate for now and don't have too much time available, I would invest in a cheap $40k property in EC or Hammond and rent it out.If I didn't own a house, I would try to buy a house for myself with FHA financing.One thing I wouldn't do is spend this money on a guru course, that I know for sure.

I guess I could always put in CHEAP but decent looking carpet that may only last 3-5 years. 

Got one off my website I agreed to buy yesterday just because it was so cheap, but I'm having trouble with the value.