The property could use some updating throughout, mostly cosmetic and it’s not central H/A.

Cosmetic.

Which is ideal for me because of recently having back surgery and being on disability for the time being.The owner got back to me and wants me to meet him and his banker tomorrow to talk about this idea.

If you see cosmetic damage do you address it right away?

Cosmetics, no structural. 

The cosmetic condition in an older house is obvious and wouldn't really impact an inspection report.

In that situation the investor usually still wants the yield to be high and willing to take on more headache type assets like SFR, multifamily for higher cash flow.In another example if a doctor is worth 7 million and makes 1 million a year doing surgery they typically have no time for anything but to see patients so getting a 7 to 8% return sounds great to them and be passive and just collect a check. 

Full cosmetics, fixtures, kitchen and bath reno.

The house is newer but was a rental so the work should all be cosmetic. 4bd 3ba 2900 sq ft listed at 415k which i think is negotiable.

Cosmetic + at worst.