@John Morgan it rents for $1295 and the work was all cosmetic including painting the whole house inside and removing carpet and replacing it with laminate flooring. 

Perhaps carpet and paint at the most to eliminate the need for a GC and get maximal value with limited risk since I would rely on an agent or other boots on the ground project manager of some sorts to keep an eye on it for me. 

I bought an older home in Stamford, CT that has hardwood floors underneath the carpet.

Value was added through painting, new carpet, $200 in insulation, which cut the gas bill by $100/ month.

Put so much and so often in for carpet replacement, Tile or linoleum replacement, kitchen, windows, bathroom, HVAC, hot water, etc.

New drywall carpet 220 electric heat.

I have a home in Los Angeles (San Fernando Valley) that is a bit of a fixer (80's wallpaper, trashed carpets, wood rot in patio, no upgrades since 1990's) and I'm trying to figure out if it's worth the hassle (and uncertainty) of selling on the open market.

Buying new to avoid maintenance issues is a steep price to pay especially when a bad tenant can ruin the new carpet in a matter of 6 months and cook with excessive grease and cause your new appliances  to look very used in no time.  

Our house was built in 1997, we have done several nice upgrades, Large concrete patio, new high quality windows, roof still has 20 years, replaced flooring with pergo and carpet 4 years ago, paint etc...

Threw in a new living room carpet, new tub & surround & that apartment rented immediately for $875/month.