Thanks for the tip about kilz.

That included gutting to the studs, joists, re-plumbing everything (tub and toilet were re-located), re-wiring, insulation, moisture-resistant drywall, new window, new basic tub, subfloor, underlayment, fairly cheap tile on floor and tub surround, sink/vanity from lowes, basic toilet, paint, etc.

I have been running a successful painting business for the past eight years specializing in restoration, fire and water loss.

Yes, the inside can be trashed; there can be hidden structural damage; mold; lead paint (oh no!)

Rents will be $375 per unit when I get the rehab (painting) finished.

Mask off the tub before the quote so the contractor sees he only has to paint.

Mike, can you give us some tips how one would finance these properties if one does not have much in capital?

I have seen the house a few times and have recently had two contractors give me estimates on finishing the house (heating, plumbing, paint, carpet, cabinets, fixtures, etc, etc).

At least you can estimatete life and save up for them------ although I did have a tenant's kids get up on a roof and pull off the shingles, chop holes in the roof deck, and spray paint grafitti.

So I look for painted out graffiti (the paint overs never match) and gates over windows (people only pay for these if they need them, and if everyone needs them, that’s a good indicator of the crime rate.