In this case, the C.A. gave this property a FCV of $179K and the owner did do quite a few projects recently (i.e. new A/C, new A/C ducts, one new water heater, painting, flooring, etc.).

Anthony, This is going to go against the grain a bit as far as advice goes, but in your particular situation where you will be living there yourself:  - Go with Avon, Plainfield, Brownsburg, Carmel  - Don't worry about cash flow potential in a year, think in five years  - These properties will actually appreciate vs. the rinky dinky 100k home (disclaimer - I have one of those too, not hating)  - Tenants will be more long term which equals less turnover costs (carpet/paint etc. is expensive every year)  - Less likely to default/evictI have two in Indianapolis, have spent countless hours talking to brokers/property managers and getting lay of the land. 

All it needs is a new fresh coat of paint for a rental.

A kitchen can be painted cabinet and new laminate counters (maybe $2,000) or you could spend $10,000 on the appliances alone. 

Would hate for them to think it just needs a coat of paint and new floors, but turns out the foundation and pipes are $15k in extra costs!

I want to have enough money set aside to do minor repairs ie toilet clog and enough reserve to paint on tenant turnover.

‘Winterization MoldCrime, heat index, walkability, schools AsbestosPoor location, busy street, etc.TermitesDryvit, synthetic stuccoUrea formaldehyde foam insulation (UFFI)RadonNo parkingAge of propertyOld or no windows, unsecured building (SimpliSafe.com)Knob & tube electrical (60A), grounded outlets every 11’, GFI’sUnderground oil tanks, oil heatGravity or steam heat, octopusRoofing: Flat roofs, slag, slate, Yankee guttersPests: fleas, squirrels, bats, bed bugs, rats, etc.Chinese drywallNo firewallBelow sea level, slabLead paint (prior to 1978)>60% rehab, new construction guidelines & building codes (i.e.

I’m planning on doing a DIY shiplap wall around my boring fireplace that won’t cost much and also painting all kitchen and bathrooms cabinets to a nice bright white to get rid of the outdated oak color.

painted and put fresh carpet in. remodeled the garage so i was able to rent the garage out for top dollar.

This applies to a lot of other items such as paint and appliances as well.