I'm closing on a single family investment property in a few weeks and have a bunch of people interested in renting it due to a Craigslist ad with no photos (we're replacing kitchen appliances and some flooring right away, so I want to use photos of the new stuff).

I'd cut your budget to $15k  - $20k -- focused on the kitchen and bath(s). 

My husband and I rent but also own 1 rental in Baltimore soon will be 2, which cover the mortgage, provide us money for the maintenance, vacancies, etc and we pay our current rent from our salaries, both full time employed which allows us to save for future down payments for more rental properties.A house in this area of Virginia or in Maryland that is this close to DC starts at $500k, if you rent a basement (with bath and kitchen and independent entrance) would cost you $950 a month.The DMV area is so expensive!!!! 

I am both a full time Real Estate Broker as well as a licensed loan officer and would be happy to run some scenarios for you.Warm Regards,Jacqueline

Base model has tiled kitchens and bathrooms, solid surface countertops, carpeted living and bed rooms.

Fixing ceiling in kitchen ( few gaps of the ceiling boards) 3.

We are in search of the following:-Plumbers-HVAC-Electricians-Roofers-Foundation/ Excavation -Framers/ Carpenters-Kitchen and Bath Specialists- Mold Remediation-Home Inspectors-Windows and Siding-Drywall Crews-General Contractorsand any aspect of home renovation/ rehab This is a referral-based group.

Kitchen/baths needs gutted and replaced, maybe a wall or two knocked out/moved, flooring, paint.  

Make your offer with the assumptions that you'll have to rewire, replumb, new HVAC, repair sheetrock, replace kitchen, flooring etc.

They are a very nice couple, we had several meetings, I'd put together a lawyer reviewed JV document and the, reno plan for the upstairs suite of 15k to redo the kitchen, add flooring in 3 bedrooms, and paint the interior.