I would not pay $118000 for a house that needed foundation work, new roof, appliances, cabinets, paint inside and out, carpet, tile, water heater, lights, fans, foists and many other little things that go into a rehab.

But things like paint, flooring, cabinets may last a lot less if you're dealing with low quality tenants.

Even if you don't end up using it, just stick it in the file cabinet.

I lived there for 4 years and planned to live there longer but got orders out of state after I had just rehabbed the entire downstairs with wood look tile, painted all the cabinets white and redid the backsplash. 

Exception might be fridge and maybe dishwasher matches the cabinets.

The answer is "yes, I see water leaking from the medicine cabinet, didn't think it was a big deal".

Tell them everything that you want to do to the property based on the inspection (roof, plumbing, HVAC, etc) and tell them everything that you want to do to the property from a cosmetic standpoint (flooring, cabinets, countertops, light fixtures, etc)-The general contractor should be able to give you a ROUGH estimate of what it will cost to do the job before the end of your inspection period.

It is full of cabinets thank goodness that I don't have to replace. 

I know my material costs....so my cabinets will cost around $3000, my granite/backsplash/sink will cost around $2000, refinished floors will cost around $1500, appliances $2000, new floors through will cost around $4000, carpet will cost around $1500, interior doors around $50 a door, exterior doors around $200, windows around $160, etc, etc, etc,.

I haven't pulled the trigger on any properties but have been working with an investor in the area building cabinets and doing trimwork on his flips.