If you keep things neutral and tasteful it should hold up and add value for resale or sublet down the line.

IT wasn't much, I think I bought a condo in 2005 for about $155K, I think its value peaked a little above that or so before the crisis, and then dropped down to maybe $135/$140K at the bottom of the crisis. 

From the renters perspective, I know having a hard floor of some type is preferred if a bottom story unit.

On the other hand, taxes are low and inflation is substantial (3-5%), and as rent is adjusted yearly for inflation, neutral or even negative properties should be flowing positive next year or within a couple of years.

But at the same time, how do I know if the contractor they want to hire is really neutral and not in house or quoting more to give them a kick back?

The bottom line is if your insurance company won't cover you, it really doesn't matter either way it is a no go. 

Formica counter tops, bottom of the line HD/Lowes cabinets, laminate floor will of course be much cheaper than granite, custom cabinets, and hardwood floors.

I currently own 2 properties so this definitely helps but my mindset right now is to go work under a property manager/broker (as an assistant property manager, leasing consultant, marketing associate, etc.) for 3+ years until I'm eligible to become a broker myself.I've heard moving bottom-up on the property management ladder will give you a ton of experience.This is just one way to go but it fits my goals!

No, I am still looking but I would like a property that is at least close to cash neutral and has a decent and low risk value add. 

Net profit, aka "the bottom line" or "net income" then subtracts out interest and taxes.