I just spent two hours today going over nail holes with spackling paste in a rental my mom is about to vacate.

And you kind of nailed the hammer on the head when you said that it will depend on your market and the current and future trend it's going in.

   - Don't anticipate many, if any, repairs other than nail hole and minor paint touch-ups   - Written into the lease that I can have prospective tenants visit while she's still there (with notice)   - There is room to increase rent by at least a couple hundred dollars/month (I made several improvements in the time that she's been      there) and it will still be reasonable   - She said she has a friend that may be interested in renting itPrimary Questions:   - The most interesting thing to me, at this point, is the friend - she is familiar with the property and may be able to move-in quicker than someone new (Disclaimer: I have not spoken to her yet, just spitballing).

Say you buy at a 4 cap and then blend it up to a 5.5 cap on the way to a 7 cap but nationally we have a downward economy on the cycle?

Make sure there is nothing more than wood there, such as nails sticking out. 

You'll have to decide if that's worth the risk of getting caught and having them nail you.You don't say where you live.

The rest of the house was built well, with the hardest wood ive ever had to drive a nail into.

Renovations: very minor had a open attic unfinished space sheet rocked off primarily for safety hiding nails, but also a cool little reading room or desk space for someone.

@Casey J Burkhead hit the nail on the head. 

One of a few.Ultimately, I think @Joe Villeneuve you hit the nail on the head.