The best properties for this are "cosmetic fixers" where the "bones" are in good shape (structure, plumbing, electric, all the important stuff that is not readily visible unless you look close), yet it is a cosmetic wreck; dated finishes, dirty, smelly, ugly, hideous paint colors, etc.

When someone contracts me to add an electrical outlet, the minimum for "fulfilling" my contract does not include that I patch the holes that I made and painting them back, I added an outlet plain and simple.

Exterior has actually been cared for, however we probably need to give it a fresh coat of paint and repair minor damage to the chimney.Guesstimating close to 100k in work if we used contractors to do rehab.  

House needs lots of paint but other than that in a good shape.

The numbers as far as rents go for the split multifamily looks great, but I also recognize that there is much more paint, more roofs, etc. that the split building has. 

And it's gorgeous, believe me... new kitchen, bathrooms, flooring, paint, appliances, the whole nine.

The worst that happens is you run behind on turn work and have to return to touch up paint or do some odd's and ends while new tenant is there.. but to lose a entire month's rent is just plain stupid.I managed a 126 unit building some months during the summer we had 10 turns,, and that's moving 10 apartments, in and out in 24 hours..

But, if it does need a full paint and carpet then their quote is reasonable.

(Carpet and paint, vs demo and rehab are touchy).  

LIFE-CHANGING ACTIONS here.STEP 1-20.You need to get you personal home rent-ready... not overboard updating, just rentable... clean and painted etc.Fix any leak faucets, loose doorknobs etc NOW, so that when your PERFECT tenant moves in, they won't be calling you to fix those.Put in new 5 Year Lithium Battery (write the date installed ON THE OUTER SHELL) of SMOKE DETECTORS (draw faint red stripes across the front outer shell of smoke detectors-- red means fire or smoke-- when the smoke clears (if the house didn't burn down) it's ok to reset the smoke detector and finish cooking dinner.ON CO DETECTORS (draw faint gray stripes across the front outer shell of a CO--teach your tenant the gray stripes mean DEATH-- if that alarm EVER starts beeping, they are to immediately raise windows , open doors and call you---even if its 2am--- A REPAIR MUST BE MADE or people can DIE-- little children and elderly go first