The cashflow is very insignificant compared to how much a property's value can be increased by doing some cleaning inside and out, painting, making the yard look nicer, bringing in better quality tenants and normal appreciation.

It sounds like a low-quality, hollow-core door.

I've been doing lots of tub research and found that midgrade tubs might be the best option for quality and longevity.

(almost all contractor hires will be "Take a Chance" until you've used them and they have proved to be a good fit for you).When you talk to the contractor, ask for (3) references from jobs they have done like yours in the past (1) year.Then call the references and ask about their experience with the person, quality of work, etc.For many trades, going in person to see the referenced work is intelligent.

The nicer the area, the better the quality of tenants you will get.

IN this market though one thing I would do .. is get pre qualified for sure get your financing all worked out before you engage anyone.Once that is done simply put your offers in looking at good pictures and subject to home inspection.. for rentals there is no need to go look at them if its in the city you live you already know the areas and quality etc.. 

@Mark GladeYour gain is not sale price less outstanding loan balance.That would mean anyone who buys a property all cash and immediately sells it right after has 100% gain.Gain is calculated as Sales price less purchase price less depreciation taken plus improvements less costs to sell.Work with an accountant to make sure the gain is being calculated correctly.

I am currently networking and attempting to find a quality builder who could give me some insight.

But you don't seem to know this, because it touches on the primary problem with this investment: you bought into an expensive, renovation-heavy project without knowing much about renovation, and cavalierly dismissing how difficult it to carry out and/or get others to carry out on-time, on-budget renovation at a level of building quality that doesn't decrease the value of an expensive old house.Best of luck to you and I sincerely hope you prove me wrong.

The REALLY hard one in my experience is handyman and general contractors, those guys, especially if you want to pay a reasonable price are extremely hard to find, they come and go I've been through so many of them and the adage of "Price, Quality, Speed, pick only 2" really holds true here.