The house is in rough to ok shape, but needs renovations to bring it up to market value, in my opinion (thinking new flooring throughout, interior paint throughout, updated kitchen, updated bathrooms, landscaping, back deck repaired/replaced).My parents are actively having discussions w/potential buyers who are looking to purchase the property as is and have received some verbal offers from direct mail discussions, but up to this point, all offers have been lower than my parents are hoping.In my role as their beloved son, I'm thinking through options that would have them sell it to me while I rehab and then sell it closer to market value.

Repairing a faucet or sink prolongs it's life, so that the floors and sub-floors don't rot away from uncontrollable flowing water and leaks, but is considered maintenance.The IRS says: that working on a kitchen faucet is considered to be 'General Maintenance" and does not add value to our homes.Hum, well that's confusing!

Is the damaged area in a kitchen or bathroom?

vinyl for kitchen and bathrooms and laminate everywhere else

But replacing a kitchen is going to have a much larger price variation.  

The fixtures in bathroom and kitchen are in good shape but outdated... this is where I figured to invest some money. 

We also are amazed at how they can do a full kitchen for 5K!

It used to be housed in the kitchen above the stove. :)

We bought a home in a great location with good bones, but every room, walls (99% had wallpaper), lights, outlets, switches, floor, doors, bathrooms, and kitchen needed help!  

The way she tells the story, she was taking a bath Monday night, then later that night around 3am she came downstairs to get something out of the kitchen and that was when she noticed water in the kitchen, She looked up and saw water dripping from the ceiling.