There is some updates that need to be taken care of like flooring and paint to get top value based on other sales in the neighborhood in the 170-175k range. 

The place smelt like smoke, has 1970s style wallpaper, needs new floors and paint, complete bathroom reno, needs new appliances, and new electrical outlets. 

We can replace flooring, countertops, etc for far less than they charged, but its hard (i.e. impossible) to add 9-foot ceilings after the house is built.

@Russell Brazil it's a 4 unit condo building (first floor unit) in the Brentwood neighborhood (zip code 20018) near the Rhode Island metro station (Red line).

Sometimes you'll get lucky and the first floor will be above the flood line.

75K purchase price + 30K rehab (if you are talking about painting interior exterior, all new flooring , new kitchen and 2 new bathrooms, roof and hvac) + holding costs + closing costs = 120-125 all in? 

There is some updates that need to be taken care of like flooring and paint to get top value based on other sales in the neighborhood in the 170-175k range.

Then we decided to remove all carpet and continue hardwood floors along the existing hardwood floors.

Before my bad medical problems that made me bedridden about 7 years ago, I was the proud owner of a flooring sales and installation business and was into construction management before the ownership for about 35 years.  

Also, when it does rain hard there is some water that leaks into the basement, but in both units there is a properly working floor drain and nothing is down there to get damaged.