Just by getting initial quotes via turno, the cost to clean is more than how much it’d cost to rent the property for a day. 

Since i put 20% down, i am hoping i can do a cash out refi (will have enough equity) so I can take out my initial investment.

We were able to refinance with our go to bank at a decent rate in this environment which allowed us to pull out our initial investment and renovation cost.

If you had eyes on the property and have a good idea on all this you can hit the HML for all the costs and take draws after the initial acquisition to do the rehab for the rest of the amount.

Expenses for initial repairs before renting are usually capitalized and depreciated.

There are plenty of short term rehab loans available that will help with the initial purchase, give you rehab money, and don't have any type of prepayment penalties.

They analyze components such as cash flow, principal paydown, appreciation (both home and renovation), initial equity, depreciation, and interest deductions for tax savings, giving you a clear picture of individual gains and ROI over 30 years.

And we rarely need to use them.Tenants sign and initial each page of the condition report at signing, we quickly go through the property and let them take as long as they want.Ideally at move out they would sign the condition report, but this is nor normally done. 

I understand not buying more up there, but your initial investment there will turn out well.You can check out the BiggerPockets video podcast and leave a comment if you have questions. 

I would focus on "Ugly inventory" but would pass an appraisal and not be "Subject to" so that I can renovate and refinance on the ARV in as little as 6 months to pull out my initial capital and enough to put down on the next REI.On the flip side Indiana and Ohio would also offer a sale price to cash flow ratio since you can still find a great deal in both states.