The only possible cash flow and appreciation options might be in condos with low HOA and lipstick reno needed and 5 units and up.

With that said that means there is more competition, few months back you could lip stick a home and throw it up on MLS and you would sell it we are facing a few hurdles -Homeowners thing their home is worth a market price even though it needs a lot of work-Interest rates have wiped out tons of buyers from the market-And now we have way more listings on the market Something has to happen here soon I just think its a matter of time. 

I’m considering purchasing a home (300k) that needs about 60k of work (lipstick mostly but 1 wall removal).

I have replaced 2 air conditioners, a water heater and done quite a bit of “lipstick” renos to add value to the property.

Taking a lipstick approach to rehabbing.

If you're considering a multi-unit, consider mapping out a detailed plan based on budget, zoning, supply costs, and the level of lipstick on a pig ability the project has so as to be able to pivot if need be.Our project was a total gut job and the foundation was one of the biggest expenses coming in at nearly $140k alone. 

painted it out and new carpet and light fixtures and blinds, the usual cosmetic " lipstick". 

This is an easy rehab as it just needs lipstick.

Limited cash down deals, buyer has 20%, buy it, put the lipstick on, get higher rents in place, the LTV drops for the refi later on.

Many folks out there are cutting corners in rehabs and you don't want to be on the buying end of "lipstick on a pig".