If you can increase your rent by a few hundred dollars per month, it would start to look interesting, with a fast pay back of costs, and a quicker path to (profit) return on investment.Building materials are extremely inexpensive (in my opinion) compared to the cost of skilled trades labor costs.  

If I found the right deal, got the contract, found tenants, and did some relatively inexpensive fixes to raise appraisal would a bank still just laugh at me?

For me, that was very inexpensive.

However, you could see big jumps in expenses.

Heloc's are typically inexpensive, $500-$1k origination, and you don't pay interest till you draw it.

Gross rents: 1800PITI: 1120 Maintenance: 270 (15%) He said w my Dad doing most work, I won’t have much in expenses here.

@Darren Hutton thanks for clarifying this. i heard that could also just drywall over the existing plaster to control the cost. it maybe inexpensive to go this route instead of hiring a plaster team to redo the walls with a mud or compound....

Totally agree 30k in expenses on a property of that size in that area is laughable, just wanted to give out some proforma for the sake of it. 

But, it really is (or should be) a relatively inexpensive start up cost compared to things like commissions, repairs, etc.     

HELOC closing can be very inexpensive, as in under $500.