Environmental matters of past owners can effect future uses.

Some factors to consider.... two handle vs. single handle, with sprayer vs. without, top brands vs. off brands, and style.

. * Turn garages into a 1BR loft-style apartment.

I love the original hardwood floors and I like living in a ranch style house. 

Often people think this will mean you're living in a 2/1 apartment, but I would look for attached townhome style quads (seen some under 125000 in my area that rent out each unit for 850-900 a month...do that cap rate!)

We'll have to add that, the style of teaching I guess you would call it, into the criteria as we're figuring this out.

Figure out the pros and cons of different styles of investing and start planning.

I work in the environmental field and can appreciate the unseen costs in any remediation project. 

What I would pay...give or take:Gut rehab - $40/sfNew construction - $65/sfNot saying you'll get those prices (could be higher or lower given you probably have different contractors, different design style, different definition of mid- to high-end finishes, different material suppliers, different negotiating skills, different level of experience, etc), but that's about what I expect...

@Michael Noto I have a side by side townhouse style duplex with finished lower levels that are 1500 square feet of living space each.