Don't be afraid to buy something that needs a little elbow grease or a little cosmetic rehab (ie paint & flooring, etc) but I wouldn't advise a major rehab for your first investment.

Lastly, focus on your cosmetics in order to hit the rental price you need.

Definitly needs interior cosmetic work but tenants clearly don't mind how it is right now, which it's not bad.

Property needed a little TLC, but mostly cosmetic work, thats why I bought it.

In the case of property management for a single property you will spend about 18-25 hours per year handling all of the items required from routine maintenance, new maintenance, collections, banking, renewals, tenant issues, accounting, city requirements, and that is if there is no turnover with comes with an entire new other list of items to address(Add another 10-15 hours).  

Obviously you will drive people out by not taking care of routine maintenance requests or raising the rent beyond market rates.

Small cosmetic work throughout.

If I come across a home that is in pretty good condition and only needs some minor cosmetic work (repairs under 15K) I'll offer 80-85% of ARV minus repairs.

Have better tenants who will pay higher rents than before after making some cosmetics updates.

Overlook cosmetic items as they may be too many, but they would distract you from main more important problem items.