Has new flooring and appliances but kitchen and baths are original but well maintained in above average condition.

Then surprise her with request to have her show you her kitchen, bathroom and living room. 

We have a ton of games for those rainy days, a 3-1 game table (bumper pool), but the thing we get the most compliments on is the kitchen amenities.

If you have a 4 bedroom, 2 bath SFR, and suddenly you can rent to 8 people, not only are you asking for 8 cars around 1 property, but you'll have 4 people using 1 bathroom,  you'll have 8 people sharing 1 kitchen, 8 people sharing 1 laundry room, 8 people sharing 1 or two living rooms.

So I wouldn't get top rent and it would cost to renovate the kitchen, bathrooms and floors. 

Sometimes when I'm starting with a distressed property I may gut a kitchen or bathroom but even that isn't the norm.

We would also need to gut out the kitchen and both baths and have them completely redone.

I plan on building a duplex (so 2 kitchens and 2 living rooms).

As a good case study I  acquired an 11 unit mix-use building in May where I vacated 9 apartment units and will complete kitchen/bath renovations and build out one vacant commercial space.

I would not be afraid to buy a property that needs some rehab, as I have renovated two full kitchens by myself, and done lots of rehab with my Dad and cousin, so I have a good understand of what needs to be done.