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. 

We include the cost of all the smart tech we want installed that the homeowner keeps, safety items we require in each property, and the items/signs we use to "brand" the home to our company, as well as our time setting up the listings, pricing, guidebooks, auto messaging, cleaning up the supply closets, kitchens, etc.

You would walk into any single, flip renovation or newly done apartment and you would see the same thing gray floors, gray walls, gray kitchen cabinets.

You need to make sure it's furnished and has all the amenities needed for extended- stays (fully stocked kitchen, washer/dryer, TV, etc.)

Replaced doors, updated some of the light fixtures, refurbished the kitchen cabinets and countertops.