In terms of due diligence, for example, for an acquisition FHA under Section 223(f) you would be looking at an Appraisal, Phase I Environmental Assessment, Capital Needs Assessment (depending on the age of the property it might include Asbestos and Lead Paint testing) and Radon testing (where applicable).

Did they simply clean the carpet and give it a coat of new paint, or did they actually put in the work to give the prop a new roof, new HVAC, new flooring, etc?

It won't work a turn key rental or a very limited rehab (paint and carpet).Let me know if you have any other questions.

No amount of drywall mud or paint will correct walls that aren't framed straight, square and  level.

Paint, carpet, etc.

With older properties you could have asbestos, lead-based paint, galvanized pipes for plumbing, etc.

This one needs minimal updates (paint, refinish existing hardwood floors, update kitchen cabinets (small kitchen, which is customary to area)).

We also installed new flooring & painted the laundry room again. 

I offered $835,000 on a property and it was rejected.  6 months later, after they replaced the carpet, did some other renovations and painted the interior ($20,000 in total renovations) they accepted my offer of $795,000.  

Account Closed An easy solution would be to paint the cabinets.