Three months later I went to inspect and found the Tenant had painted rooms black!

To start you have lots of potential issues like asbestos and lead paint, old wiring and plumbing, lack of insulation and inefficient windows to name a few.

Purchase price: $270,000 Cash invested: $60,000 2nds property is a fixer upper which will require new flooring, paint, teardown of bathrooms upstairs and kitchen due to water damage as well as roof and siding down the line.

That would be a good price in my area if it is 2 coats of paint.

All you do is scrap the flaking paint, and repaint.

@Jim K.Jim - greatly appreciate your candor and painting a very impactful picture.

When I ran 12 employees churning out ultra high volume apartment painting, we had daily and weekly meetings.

I'm a former painting contractor and don't mind fix-up projects but of course would choose a property with LESS work rather than a full make-over. 

Replaced all flooring, painted top to bottom, new fixtures, new stainless steel appliances, replaced counter tops, added back splash, repaired sheet rock on ceiling in laundry room, new front door and garage entry door to kitchen, new garage door.

@Gorden Lopes I would start with landscaping and painting outside; how's the roof and major systems?