It hangs too low for us to hang sheet rock on the ceiling.  

It is a little riskier because it is pricey but if you look in the suburbs (Round Rock, Pflugerville, Kyle, etc) you can get some AMAZING deals and capitalize on the beyond ridiculous appreciation Austin is experiencing right now.Dallas - Third best metro to invest in Texas.

I was curious as to what else would be involved with the rehab other than the obvious (replacing all sheet rock).  

Taylor seems to be a cheaper alternative than living in Austin and Round Rock.

@Tyler Evans  I am happy to hear that you have reached that "rock-bottom "moment in your life that has the potential to change your life forever.  

For example, upgrading all lightbulbs to LEDs, appliances to Energy Star rated, as well as air sealing & insulation. - Have folks out there found that there is increased consumer awareness around efficiency? 

Check out this article on so called gurus.http://www.foxnews.com/entertainment/2016/10/26/buyers-claim-flip-or-flop-stars-classes-misleading.html

@Brandon Turner and @Joshua Dorkin you guys rock and without your help and guidance this won't be happening today.

Personally I wouldn't rock the boat.

@Cyprian Sadlon - Also if you have an Agent/Mentor that has access to Co-Star and are willing to share historical Cap Rates for that submarket - that can be extremely helpful as well.Best to you!!