@Jeffrey Sommer Just to give you a general idea - anywhere from $20-$45k depending on who the contractor is (there are wide range of levels of experience and work quality), and you will run into unexpected issues no matter what - from roof issues, to electric to plumbing to unlevel floors, to rotted joists and a hundred other things I can think of from the 50 projects I have done in Philly.

-Context, I would obviously have utilities included in the long term unit and wouldn't be "converting" SFH into anything more than closing off a door way or hallway...no need to  be getting permits for new electrical/plumbing/new structure.

All tenants are reportedly current on rents The current owner appears to have bought it at $179k in fall 2018 and reportedly put $100k into it ( a new roof, new insulation, new dual pane, energy efficient windows, fresh interior and exterior paint, shaker cabinets and counters, new tile and carpet flooring throughout, and electrical/plumbing improvements. ) At the asking price, with 20% down, assuming $3k in repairs it would give about $1100 in cashflow (above all expenses) which would be 16.5 % cash on cash return. 

Thankfully the home needed minimal plumbing and electric work needed so we were spared bringing anything else to code. 

Like renting I feel like big problems like structure / subfloor/ piping/electrical/plumbing (aside from inside the tank) are the home owners responsibility- but I WANT to fix them.

I have picked up new skills including framing, painting, some plumbing, some electric, and have done numerous kitchen and bathroom renovations.

Some unforeseen issues could include plumbing and electrical if the house is really old and hasn't been updated at all.

If you are tearing out the kitchen and bathrooms and potentially redoing some plumbing and electrical...

Well, had to open some walls to complete the whole home electrical upgrade, exposing plumbing that guess what, that's out of code too so now get to R&R some plumbing.

Full scale renovation interior including; insulation, sheetrock, texture, paint, flooring, trim, new doors, T&G pine in office/sitting area, new cabinets, new electrical and plumbing fixtures, new water heater and furnace, cleaned out paneling from basement and redid wiring and water lines with pex.