A flipper would remove walls make it an open floor plan new cabinets granite, refinish the floors, paint, etc. etc, but a buy and hold would just do a carpet clean and put a tenant in there.

If it is built before 1978 you need a federal lead paint disclosure form. 

Most are paint/patch/caulk and window screens.

But kitchen, bathrooms, paint and floor eventually all need to be redesigned and redone.

If private or city ask them to paint stripes in front of the driveway for the left lane.  

Full cosmetic - Floors; paint; appliances; kitchen & bath.

@Danual Berkley It could have been rented as-is but we put in a fresh coat of paint and made some repairs to the porch railings due to safety concerns. 

Needs to be gutted, needs new roof, new hvac, new windows, new drywall, fix water damage throughout, rebuild an addition, add a garage, add a 2nd bathroom, new flooring, new kitchen, new appliances, paint, landscaping, redo driveway, redo layout (used to be a triplex but is now sfh), remediate sinkhole, replace asbestos shingles with siding, upgrade electric from fuse box, replace cast iron pipes throughout, put in a pool. 

If the building is built prior to 1978 has it been tested for lead paint (twice as important if there are children)4. do they have a trampoline or pool in the yardThose are a few items to add to your checklist as you do your walk through.

Repaired and painted fencing; repainted and repaired exterior where needed; lawn care; interior paint in all bedrooms and bathrooms; small repairs within interior; added hardware to kitchen cabinets; removed insulation from crawlspace and added vapor barrier; flashing and siding repairs; removed junk from yard and exterior building...