It looks like it would need proper insulation , possibly a new roof , electrical, plumbing, central Heating and Air installed to all rooms, walls moved to make it into 2 units instead of currently the four it has, kitchen and bathrooms installed, painted on the outside ect .  

We completely gutted the home and replaced all electrical, plumbing, walls, kitchen, bathrooms, re designed layout, etc.

They then added a deck with an exterior entrance that leads to the attic and built a separate driveway for that space.Currently, we rent out the attic space on Airbnb and more than pay for our mortgage.Other home features:-Granite counter tops-Custom cabinetry-Hardwood floors throughout-Crown molding throughout-Front porch, patio, and deck-8ft SOLID privacy fence enclosing a HUGE backyard-2 driveways-As of 2009-- all new electric, plumbing to the street, roof, and HVAC.

This home required a complete remodel including updated electrical, new plumbing, hvac, new floors, exterior and interior painting, and some landscaping work.

The other larger repair Items (plumbing, furnace, fire escape), stuff we were expecting, more than covered the $20,000 that we waived during negotiation, so we ended up renegotiating for a $30,000 price reduction.

Electrical upgrades and fixing various plumbing issues, and making sure that the HVAC system is not only working but working well.  

If there is a plumbing problem that involves a sewer snake (roto-rooter) I pay a plumber to do it. 

@Jeremy BallardThe main expensive things are plumbing, electrical, and heating.Make sure the wiring is updated with a proper breakerbox.

The property is just under 1000sq ft and requires a mixed basket of work such as roofing, sub flooring, kitchen remodel, possible floor joist sistering, plumbing, electrical, and drywall.

Electrical, plumbing, and mechanicals are all brand new.