We spent several thousand on the cleaning, touch-up paint, and repairs.

Paint, roof patches, not much rehab on this one.

renovating, updating floors, exterior, paint, windows and doors What was the outcome?

I did an addition 2 years ago , the homeowner couldnt make up her mind about paint colors , she picked the paint and the painters were there , she then changed her mind , she ate the paint cost , and had to pay for the painters for the day .

No repairs, painting, hanging shelves, nothing should ever be done by a tenant except hang a picture and only then with your preapproval.

Needs minor work such as flooring, paint and kitchen remodel.

There will always be some blight in a transitioning neighborhood but how long does it take for the trash to be picked up or graffiti to be painted over?

Although it was his to begin with so I don't understand that.The home is is great shape besides the roof, the slight leak in the A/C, indoor paint, and the kitchen laminate  floors bubbling up due to a fridge leaking but nothing serious. 

Based on verbal condition description of the property I estimated a ball park of $15K for repairs (seller claims it just paint and flooring but you know how that goes).

I was in a similar situation, where we bought a house for $5K, turned out to be a POS,  and I just flipped it on CL for $10K.. if I was smarter, I would have done the painting and put in appliances and sold it for $20K!