Needs carpet and some sheetrock repair around the kitchen pantry shelves. or, You can sell this as a lease purchase or your own owner financing and require your tenant to put down a large downpayment and also have them fix the property themselves doing a Work for Equity Program.

We are full time real estate investors in Portland Oregon.  

At that price would likely still have 30 year old kitchen etc. 

One of us wants to keep the 4th bedroom the other wants to make it a formal dining room because it right off the kitchen. 

@Jason Krick@Jamie WooleyI joint venture with the seller on the light rehab, like a new kitchen but everything else is fineExample $200,000 ARV, , free and clear house , needs $20,000 for new kitchen and $20,000 to resell with commissions and closing costsIf you did a wholesale offer with the house, you'd be 70% of ARV minus rehab costs or $120,000JV works like this: you add up the rehab cost plus the resale calls plus a JV fee of like $10,000 in this example adds up to $50,000Net to seller on JV is $150,000Net to seller on wholesaling deal is $120,000Warning: must have a cooperative seller, must be able to get a JV agreement that allows you to buy on seller financing, giving a note for Equity and no payments for four months.

The kitchen hit us like the morning after a good wedding party that moves downtown when the reception if over.

I just hate to waste time renting when all that money could be going toward my own equity.

Greg is a long time real estate investor that has flipped, owned rentals, land banked, and he is also involved in commercial development. 

-Not that I want to be a Full Time RE Agent but I am pretty good at sales.

@Perry IvyWe have a few converted older properties (Second Empire / Victorian) in which panels were placed in kitchens, hallways and living rooms at the time the building was converted (or when the electrical was updated).One of the things we do in these cases is install a chalkboard/whiteboard/corkboard over them - a plywood box 1 - 2" deep with a  piano hinged door (which is the chalkboard/whiteboard/corkboard).You can purchase both magnetic primer and chalkboard or whiteboard paint ... a little pricy, but a little goes a long way.