Twist the math anyway you like but not taking a chance on over 100m for a tiny $2 investment is foolish to me. 

Wipe surface with TSP (1/4 handfull in 1 gallon bucket 3/4 filled water) using cotton rags (real cotton, not the non-absorbent stretchy stuff.)Dab latex (paintable) caulk or toothpaste into nail holes with finger (very tiny amount to just slightly fill the hole) wipe with dry finger, palm of hand or rag.When dry if there's still a sheen when viewed at angle then lightly "scuff-up" surface with 400 or 600 grit sandpaper wrapped around a 1x3x6" sanding block in long vertical sweeping motions.

IRR due to the short hold time and tiny FHA down payment on that was north of 75%.

Even though my first deals were wholesaling deals because they required no money to start out, my first real experience in real estate was building a house.When I met my husband and moved in with him 25 years ago, he lived in a tiny 500 sq ft, 1 bedroom house he was renting.

MORE RESEARCH: Wait a tiny bit on pulling out that equity and reflect a little more and ASK WHY do I want to this now in my life.

@Jason HoltIt’s now cheaper to buy a lake house 15 minutes from the city in Tulsa than living in tiny 1 bedroom government housing in Denton County, TX!

We like to do some light fixing (flooring, paint, and all dated fixtures) to make the home appealing to a renter who doesn't mind paying just a tiny bit more for the upgrades.  

sure...... but I would bet its a tiny fractionContrast that to the % of people that are teetering on the verge of being homeless...... one missed paycheck or other financial crisis and they are on the street.....

97% of the general population are not real estate investors and of the tiny 3% that are , only a small percentage actually own more than one property .

It is easy to forget that tiny episodes of negligence over many years can really add up.I have a question for you.