Bedrooms have carpet which need to be changed.

Ide rather move into a paint/carpet multi family and quickly fix up/rent out the other unit than to do a live in flip but I will if I have to.

In addition, is this going to be a light rehab or is it going to require a lot more work than just replacing carpets, painting walls, etc?

My brother would occasionally "round up" the mortgage payments back then, but it seems close to correct.Into it for:  ~26 or 27k with fees and minor rehab (including painting the interior, removing carpet, and sanding/staining the hardwood floors underneath)Rent:  $950/moMtg:  $338/mo (4.625%)Taxes: $81/moIns:  $40/moCashflow:  $490/moTo reiterate though, you're correct. 

I went over at 7:00pm, in my Halloween costume and pulled the carpet, mopped the floor, got fans installed and apologized to the tenants.Another incident was when I received a phone call from one of my tenants letting me know that the SWAT Team had busted through the front door, hand cuffed everyone (I had an older couple living upstairs and 4 guys renting downstairs) and started a thorough search though the house.

Carpet or Italian marble floors? 

It is stuck in the 70's's with the popcorn ceilings, shag carpet, the original cabinets, lighting, sinks, toilets, countertops etc.

Exterior of the house- pressure wash- new mailbox- new address numbers- paint trim- paint siding- paint doors- paint security or storm doors- paint shutters- repair concrete around foundation- paint foundation around perimeter of house- new light fixture in front- new light fixture in back- replace all damaged/rotten wood/trim/siding around house- new double sided gate latch- repair fence around yard- replace any missing/broken tension pumps on storm/security doors- clean out storage room- repair and paint inside storage room- replace any missing/torn/damaged window screens- remove all stickers from all windowsMain Interior- paint all walls- paint trim and doors- paint ceilings and closets- install new blinds throughout- install new doorstops throughout- install new doorknobs throughout- replace broken light switch and outlet covers- replace missing/broken light bulbs- install new smoke detectors- install new fire extinguisher- install two new smoke detectors or as required per code- install new fire extinguisherDen- new ceiling fan with light- paint cabinets inside and out- new hardware on cabinetsKitchen- 2 new two-bulb brushed nickel light fixture(s)- paint cabinets inside and out- new hardware on cabinets- replace missing hardware on cabinets- install new countertops- new backsplash at stove opening- new vent-a-hood- remove old dishwasher- caulk sink, floor, counterLaundry Room- 1 new two-bulb brushed nickel light fixture(s)Hall Bathroom- paint cabinets inside and out- new shower head- new shower bar- new toilet seat- caulk toilet, sink, tub, floorMaster Bathroom- 2 new two-bulb brushed nickel light fixture(s)- paint cabinets inside and out- new hardware on cabinets- new shower head- new shower bar- new toilet seat- new toilet paper holder- caulk toilet, sink, tub, floorBedroom 1- 1 new two-bulb brushed nickel light fixture(s)Master Bedroom- new ceiling fan with lightBedroom 2- 1 new two-bulb brushed nickel light fixture(s)Hallway- 1 new two-bulb brushed nickel light fixture(s)Additional Items- rekey all locks- mow yard/landscaping- plumbing repairs as recommended by a licensed plumbing contractor- install new water heater- HVAC repairs as recommended by a licensed HVAC contractor- install new air handler- clean & service existing AC- electrical repairs as recommended by a licensed electrical contractor- install new carpet in: bedrooms- install new vinyl plank flooring in: kitchen;laundry;hallway;den- chemically clean roof- install new dishwasher- cleaning at completion of renovation

If you have hard surface flooring, consider installing floor surfaces in high traffic areas which are cork backed or (cheapest, but not longest lived) wall to wall carpet or something which will deaden noise from people tromping through the halls (just expect carpet may only last a few years and plan for frequent cleaning of it)    More invasive but you could also look at having insulation added to the interior bedroom walls to block noise as well.   

Carpets and appliances will all fall into the same category and at the end of the day expenses will be significantly less than older properties.But there has to be a catch right?