All the electric and plumbing are to code and the 4th floor is completely renovated at 200k.Your right it does cost a lot to remodel kitchens and baths and it desperately needs a lift on each. there are It is a very sound place.the 4th floor rent is 1,050 it was last lived in 2 years ago.

Paying water as a landlord is like flushing gold down the toilet.

I don't know about Marshall & Swift, but I have looked at RS Means and did use National Repair & Remodeling Estimator to estimate repairs.

I know that I've only scratched the surface here, but this niche is definitely worth pursuing due to the fact that it IS real estate investing, but with less headaches (tenants, toilets) and easier scalability.  

Which is appropriate for my neighborhood, my experience working on property and my primary interest in rehabbing.Numbers are:4 bed - 2 bath with 2 car garage 1,780 sq/ftARV: $80,000Asking Price: $20,000Foundation work: $15,000Roof/Soffets: $15,000Interior Remodel: $10,000 (with me as the hammer swinger)Carrying/resale costs: $4,500With a net profit of $15,000, that's actually 40% of the median household income in my county.

Didn't do any major remodeling, mostly just cosmetic.

For example:  replacing all smoke detectors, the inside of all toilets, and all faucets every 5 years can be done in a half a day by one contractor pretty inexpensively.  

So, no building wear and tear, no late night complaints about clogged toilets, or even repainting between tenants.Legally, it is permitted to have an occupied RV, at the rate of one per legal lot, for a total of 180 days per year.

Obviously increased capital requirements will be a concern, but from my limited experience, commercial RE seems to be just as stable and way less of a headache (no calls at midnight about a clogged toilet, etc).

Opened some walls, and gave the home a full remodel.