Can't resist the low price and potentially high return.

.$450K house in Dallas is not considered as investment category. i recommend to sell and buy house in 150K - 175K range with rent in 1400 - 1600 range... following are disadvantage of renting 450K house...You are getting >0.8% rentMaintenance like repair/carpet/paint will cost lot more in higher value houses.

I've had experience with FHA requiring tedious repairs such as adding hand rails to small sets of steps, painting the floor, walls, and ceilings in basements, and other things that perhaps the seller is unwilling to do.

It only requires some paint and new carpet to turn it into a good rental.

I was wondering what everyone's thought was on this 12 unit apartment complex.Two of the units need completely gutted and rehabbed and the others are just mostly paint, flooring, a few minor bath and kitchen updates.  

Cosmetics like carpets, paint may get through with a bank but anything major including foundation, roof wont qualify for a straight conventional from a bank.

Regardless of pointing I also need to paint.

Not yet, but the inspector said that he's sure it's there because of all the photos of actual "green" growth and the moisture and damp wood rot throughout the house where there had not been rain or snow this winter.  

Also they could use light updates- paint, flooring and maybe cabinets.

But tile, lights, flooring and paint all come from Home Depot.