Since I just have less than one year of actuals to grade myself so far I'm optimistic that my forecast will work out in the aggregate over the long run.  

C area if I had to put a grade on it.  

Also, if your current boxes are good, paint the interior and exterior white and buy paint grade shaker doors off the internet.

Again with 12% IRR, investing at note has better risk/reward.To achieve IRR 20% we need sizeable spread between mortgage rate and appreciation and/or cap rate ; otherwise it's preferable just invest at high grade investment bond (currently yielding 7%), Freddie Mac bonds at 6% or note bridge fund around 8-12%.

Politics is an old game mastered by 8th grade girls.

But where I am the cost of sending an appliance guy plus repairs is half of the cost of a replacement elec. new rental grade stove.

Having a paint booth in a steel fabrication shop could be an issue as you'll kill the potential for future tenants, like any food grade prep or storage facilities.

For flooring, we use mid-grade carpet and nice vinyl (both of which are inexpensive in this area -- we can do both for about $1.10 per sf).

At 180, that's 145k.This isn't an investor grade deal.

30K would buy you a C grade property in memphis but I would use it to be 50% down including closing costs and buy a solid B grade property in the high 50's paying you $900 (or more) a month.