Even what appears to be cosmetic problems should be corrected to prevent intrusion from water or pests.

Cosmetic fix is pretty easy to estimate.

All you need to look for is a property you can purchase with $50,000 down and then, using simple math, you only need to get that property for $25,000 less that what it is worth and you just earned $25,000, or you earned a return of 50% on your investment capital the day you close escrow, or if you purchase the property for $25,000 less than its value, increase the value by $25,000 by doing a little cosmetic work and increase the rent you could easily earn 100% or 150% on your money in less than 1 years.

It needed cosmetic repairs.

Did a full cosmetic upgrade inside and outside.

But don't be afraid of cosmetic work.

Cosmetic of the neighborhoodI walk around with Google Map in street view to take a look how the neighborhood feels like.

That's easier then saying the report is low due to ignoring cosmetic upgrades because that's a no win situation every time. 

Ideally starting out you should get something with light cosmetic updates so that you have less risk if you go over budget or if it does not rent out for what you expected.

Both units need cosmetic rehab only, good bones on the home.1.