Appliances are cheap and easy to install.

As a rule these "accidental" landlord situations are usually a sell rather than a rent.  

Does anyone know of a rule of thumb about when to spend money up front to "buy down a loan"?

In the same vein, you want to see what big employers the area has and how easy it would be to get to those locations from the property.

I can tell you that when we can hand the home inspection to our contractors it makes it super easy for them to not only see the picture of the item needing repair but also the description.  

@Jennifer Acalinas Many Investors that flip homes use the 70% Rule that says 0.7 x ARV - Repairs = Your Maximum Allowable Offer (MAO).

The one in question is C area, needs work, but is an easy 8 with upside with raising rents.

You want to take on a project that will be easy to sell and move quickly.

It's not hard at all to figure out a cap rate, or cash-flow, or some of the % rules you want to know off the top of your head.

Now when we look at the surface items (flooring, kitchens, paint, lawn care, etc that is pretty easy to replace but that tenants habitually destroy) vs the items that really matter and can suck up a lot of funds (electrical, bathroom, landscaping, etc.).