No flooring, paint or gutters.That's where I'm at.

But also look and see if there is any evidence of recent repairs to the ceiling, such as fresh plaster or paint.

(Clean up, paint, etc..)

I paint the floors with an oil based floor paint.

I'm guessing to strip the house down by specialized people would cost about $30,000 and to rehang sheetrock, texture, and paint, would be another $20,000.

Upgrades:-New roof-New carpet-New tile -New paint (interior / exterior)-New light fixtures-New ceiling fans-Master bath remodel-Granite counter tops (whole house)Lessons learned: Always change the locks on your rehab, on day #1.

For instance, at today's REIA breakfast, I learned that my state has some of the very stiffest fines/penalties for lead paint liability in the nation.

Have all the alarms you need and be careful with peeling lead paint with children, don't sand lead paint which creates dust for kids, watch for discrimination possibilities and now watch out for companion animals.BTW networking with other local investors can help you stay on top of your game too.Like most on here say, insurance first.

Preliminary projected numbers: Purchase price: $80,000 Loan amount: $77,200P&I: $325Rent: $750NOI: $4500New furnace: ~ $5000New paint: ~ $2000Cash on cash: 6%The repairs kill my initial return but this will be my primary residence for at least a year; am curious if this skews the investment potential in a way I'm not considering.

Before (Guest Bath, Pretty in Pink) After(Ceramic Tile Surround, Tile Floors, Bronze Shower Trim) Before (Master Shower) After20" Porcelain Tile Surround (cut in half, looks like Travertine),Mosaic Tumbled Travertine Tile FloorOil Rubbed Bronze Shower TrimKitchen Backsplash BeforeAfter, Used 4 x 6 Noce for Edges, 10x10 Glass TileBefore, FireplaceAfter, Simple Paint, Trim and Minor Staging.