The subject property needs a few $$ to get to that point,  so let's set $5,000 aside for a property refresh (paint, carpet, repairs, etc.)Let's say you buy the subject property for $150,0005,000 for refreshTotal invested $155,000Keep this property for 10 years.Rents should trend in the $1800/mo range but we'll go $1600 just for conservative numbersMonthly Rent $1600Assume buyer pays all utilities + trash + lawn/snowExpenses:Property Taxes: $200/moVac/Maint (10%) = $160/moProperty Mgt (10%) = $160/moInsurance = $80/moTotal expenses = $600Total cash flow per month = $1600 - $600 = $1000/moAnnual Cash Flow = $12,000 x 10 years = $120,000Sell in 10 yearsAppreciation is currently at 15%(!!!)

New paint, flooring, miscellaneous plumbing & electrical repairs, and a deep clean.

New paint, flooring, miscellaneous plumbing & electrical repairs, and a deep clean.

Removing carpets, putting in hardwood floors, painting the apartments with a nicer paint.

You will learn, okay, they charged X to paint a home that is Y SQFT and now you have 1 data point for painting. 

Or at least a full rental rehab (paint, flooring, fixtures, cleanup which today is up to $20k easy).   

Their mindset is "if I can just find a house I'll do the improvements myself later".I mostly do the basics (carpet, paint, appliances, light staging) and price the property based on what else is available to buy.

I have no knowledge of lead paint ever being used but just curious because of the age of the house.

Peeling paint on an older house needs to be fixed, windows need to open and close, fire alarms, dead bolts on exterior doors, etc. 

Do a new interior paint job, and a few more details.