I'm not saying the deal is bad, just that you need to nail down the numbers and then add at least 10% to the total rehab estimate for surprises (probably more like 20% in your case). 

For example some electrical stopped working in the house after I had paid thencontractors electrician at the time of construction to make sure all electricals were up to date to prevent such things from happening, we fixed that.. after that we noticed some leaking in a part of the home which we finally located the problem that the the contractor nailed trim with a nail gun and made a hole in a heating pipe which dripped slowly so no one knew anything until the damages were big, we fixed that.

Ben nailed it.

As for updates for around 5-10k I could do a lot - its just convincing them of it - the main thing is updating the master bath which is probably the most dated portion of the house - rest is fine - i could change the door knobs, and hinges to eliminate the polished brass 80's look for little to nothing.And to the others disputing the finished sq footage of a basement - it is normal where I live in KS and from every other listing I've seen in KC to have the finished sq footage in the basement included in the listing

Insulators crack, insulator nails work lose,wires get chewed by critters and fray, connections are brittle, terminals almost welded shut, fuses can be hard to find that are properly sized for the electrical run and boxes and runs are usually ungrounded.

I'm sure you have a job, use that money to start nailing out those student loans.

Turns out the original construction was very poor...no glue, and very short nails.

To really nail it I do see I have to go after the direct approach.

What I mean by that is barbers, nail places, beauty salons, and other service related businesses are staying in retail spaces.

You totally hit the nail on the head.