The renovations will cost between $40-50k and are mostly maintenance/cosmetic (roof, add AC, flooring, counter tops, paint, trim, doors, etc.).

The asking price is under $50k, it doesn't need much done to it (just a few cosmetics) and I believe it could rent for at least $800+/month. 

The state of the property, are their cosmetics or structural changes that can be done to add value?

If you're looking for cash flow, Buy something in the $80k-$100k range in the area and do cosmetics instead of this much work. 

Funded using the VA loan and put about $14k down.Bought it at the very bottom of the asking price because this baby definitely needs some work: the plumbing is questionable and there is some cosmetic stuff that needs to be rehabbed (kitchens and bathrooms and exterior of house especially).

The most justified way to raise rents would be to make some upgrades to the units, it would be hard to raise rents without doing at the least some cosmetic upgrades and as others said in the thread you would definitely 1 need to check with your local regulations to see just how far you can raise rents and 2 make sure that the leases have expired as I pretty sure it's universal that you have to honor those leases. 

Unfortunately, most buyers just don't place a premium on having the systems properly upgraded when they are looking and they focus on the cosmetics, so it can be hard to get this stuff to pay for itself.  

We are subbing out the specialty items:Complete re-do of the knob and tube electric (we knew it going in and built that into the offer) but like everything its going to cost a little more than I expected (mainly because we added some items to the project scope) so that forces us to do a little more to make up for that overspill.So we are doing: minor plumbing, LVP flooring in Kitchen and Bath, refinishing the hardwoods ($5K savings), replacing vanity in bath, complete removal and replacement of the kitchen cabinets, painting and trim work, some door and hardware replacement and a dozen other little cosmetic things.Sometimes to make the deal work you have to do the sweat equity and make the math add up.

The work needed was mostly cosmetic which allowed us to really focus on spending our time and money on areas of the home that would eventually create our great return.

Payoff is 207k , Appraisal as is 205k (needs repairs/cosmetic updates) Repairs - To be determined since utilities are off... am working on getting those figures.