We spent about $10k finishing the basement with kitchen and bath; adding a maserating pump toilet, appliances, etc.

Once that happens you are going to have a tenant that wants in (Has a moving truck full, has scheduled appliance delivery, catered food is coming at 6:00 for all the people helping, moved out of her house so is now homeless) Of course she is going to want to be compensated for all of it. 

Did the seller provide trustworthy maintenance information (structure, roof, appliances)? 

I have a rental property that I furnished the appliances in besides the dishwasher.

You could put lipstick on a pig by painting the cabinets, changing the countertops , and get new SS appliances, and new flooring.

@Ray Lai it would be a good idea to have someone go by each of these properties (if they are not occupied then maybe get inside to look at the HVAC, HWH, Appliances, structural (foundation) to get a good idea of the area but most importantly the overall condition firsthand.

Personally i would assume replacing all flooring throughout the condo, replacing cabinets, repainting, and needing new appliances.

The Deal:Fresno CA areaSales Price $155K5 Bed, 2 bath 1,500sqft.Has newer carpets, paints, appliances.

Doors, hardwood floors, titles, tools, windows, appliances, kitchen cabinets, counter tops, and much more.

RefinancingPeople talk about refinancing to get their investment cash back, but this property is already move in ready with new appliances so I think it was priced accordingly (although I did buy it less than listing price).