It only needs a little lipstick repair; paint and carpeting or refurbish the original hardwood that's in there MAYBE 5k and ready to rent.

They said their equipment measured a lot of moisture under the carpet, in the floor and ceiling. the cheaper quote was 1700 to pull up the carpet, clean up the mold (if any).

Hello all,We are about to replace the old carpet in one of the rental condos we own.

I picked up a 1120sf for $25K and a 1456sf for $29k delivered with new carpet, laminate floors, paint, etc. 

Macy level is the happy medium between profits and expenses.Deal Breakers I have found are LocationCleaniless InternallyCurb appeal (cleanness, landscaping (fancy not required just clean up)No Carpets, tile, laminate, hardwoodFresh paintUpdated (again doesn't have to be perfect but the right paint and flowing can bring anything up to date even with a blue tub) Paint can bring the cabinets into this decadeWorking/Funcitonal/No appearance of issues (cracks, filled in, etc)One step up (garbage disposal, dishwasher, automatic garage door), etcUpdated hardware (kitchen, light fixtures, etc, spray paint can work great)Some bonus if cheap, I would also put in.

Secured some OPM at 10% and then got to work on the light demo myself (ripping out carpet and trim and doors, awesome stress relief to some Zeppelin) Once it was a shell and got some bids from some great local contractors, my mind started turning.

Let's say you get tenants but the tenants that come and go continually trash the place and you have to replace the carpet, paint, appliances, etc.

.******* I am not a doctor or lawyer or advising anyone to go start eating popcorn ceilings or huffing asbestos******What casey states is correct, however if you are going to DIY spend money on the best respirator mask you can find at home depot, and if you are going to remove the carpets, and you want to scrape the popcorn ceilings, use a hose to soak the ceiling to make it come down easy and  to lower the dust particles in the air.

You might want paint, carpet, windows, new appliances etc.

Even if it's just a coat of paint & cleaning the carpet, that all costs money.