Come out to Denver and see if there are any little things you can do to it to improve the condition. 

aloha BP,I would like to ask if anyone could give me your thoughts or more information about owner financing, I have talked with a seller that might be more interested in doing a owner finance instead of just selling their  property and getting a big chunk, she wants a steady income for x amount of years for her retirement, but question is would owner finance work if home needed major improvements and repairs?

So I upscaled this renovation in anticipation of future improvements to the neighborhood, and in hopes of attracting better tenants and higher rent.  

Employment and housing sectors have improved in the past year as U.S. unemployment dipped below 5% for the first time in many years.

Do your due diligence and find out their bottom line (what they currently owe, how many years have they enjoyed living there, what improvements they have made).

There is a real estate investor buying rehabs in San Antonio TX with private first mortgages, with no due on sale clausesThen selling the homes without improving them on wrap around mortgagesWrap buyers are owner occupants RMLOs are used to underwrite the wrap buyersIf you sell on wraps with RMLOs it is my understanding of Dodd Frank there is no limit on the number of deals you can do.

My first step would be to get on the phone with each of the utilities and see what is even feasible.Quite often you are limited by infrastructure and those limitations will cost you to improve them.

I'm partial to lower CAP rate properties that have room for some improvement (such as this one).  

I break in plenty (if a window is open or something).Selling its worth losing some appliances once every 10 years versus driving to a house to show every Looky Lou that comes around.Maybe you're in rougher areas than I work, but I have way more trouble with contractors stealing from me than I ever have with buyers.

I could put 25% down, but would like to try for 20% to ensure i have plenty of money for improvements, reserves, etc.