The light renovations will help to unlock hidden value in the property and help buyers or appraisers justify the new price. 

As in most places, Milwaukee, WI (where I have all my investments) has gems if you are willing to invest in areas where others might not want to invest. 

And it was through you, that I discovered Bigger Pockets and what a gem this site is...I heart it!

I also am trying to better understand how much hidden debt China has (at the local level) which could be a systemic underpriced risk. 

What I have been looking for this far are the “hidden” bedrooms like the den conversion you mentioned, ideally in homes that are big for the number of bedrooms they have.

There is always a cost, most of the time it is hidden from view. 

It’s not even hidden.

Don't get me wrong; there are plenty of issues/problems/quirks that old houses have that new houses don't, and an old house can obviously have hidden problems and big repair/maintenance bills too--which is why thorough due diligence is fundamental to REI...but, the point is: a brand new house is not a foolproof solution to repairs/maintenance headaches (and in some cases, a brand new house can be a much bigger gamble than an older house).This is a particularly important lesson for inexperienced investors, who tend to be the most prone to "shiny object syndrome" (the tendency to let nice aesthetics distract from real, underlying issues).

More wholesalers are absolutely needed here to find those hidden gems!

One thing that steered me away was the taxes as well and other hiddens fee's.