That kind of motivation is awesome.You can buy perfection, or take the risk... both come at some cost always...Just be very smart about it.One mans trash is another’s treasure...If you did move forward,I wouldn’t “live” in it because of tax reasons...I would also have my plan WITH numbers and a inflated budget, just in case....

Although is fine to deliver a clean, functional  property and no more but  the OP wanted to do more on move in, my thought is link it to the property. 

In this area I really do not want to eclipse the $1200 a month rental price if I were to remodel it.View report*This link comes directly from our calculators, based on information input by the member who posted.

At some point, someone has to buy to combat inflation.

View report*This link comes directly from our calculators, based on information input by the member who posted.This property is a 6 plex that needs some work. 

Welcome to BP.Have you considered a municipal bond fund?

Thanks, that link helped a lot.

View report*This link comes directly from our calculators, based on information input by the member who posted.

There are markets that are Linear which tends to appreciate at the rate of inflation.

@Kelly JacobssonWelcome to BP and the Knoxville area, I host a monthly meet-up that draws some experienced investors as well as those just breaking in or wanting to link to meetup postIf you're serious and with your background I'd also encourage you to check out the KnoxREIA.