For example- pull up Zillow - enter Fresno in the search field, and play with it.

~$1800New Paint & Carpeting throughout ($8800)Replace the front porch deck boards ($3500)Power wash vinyl siding & roof ($500)Minor landscaping to clean up outside yard and minimal landscaping around the front and side ~$1000Extend the deck from the sliding glass door to the side kitchen door with one set of stairs entering the kitchen door (roughly 6-12 linear feet not including the steps) ~$3500New stove and dishwasher ($1200)I included a miscellaneous cost for anything that may come up of $5000.

I never really trust anything on Zillow since it's a pay to play service, but let me know if you differ. 

Taking that high(er) income and playing "arbitrage" into some other areas is a great bet.  

Interestingly enough though it doesn't always play out that way in the market place.   

If they purchase the house and you renovate it, you're essentially playing the role of GC -- this reduces your risk and your payday. 

If that $6.5K makes the deal a loser then you have to talk with the seller and point out that isn't a closing cost like a tax stamp or recording costs or anything along those lines and see if they will still play ball. 

Unless you're playing the "sometimes it's better to ask for forgiveness later than for permission first" card.  

There may be a "path of progress" play up there near downtown Lancaster.

5 properties is pretty ambitious, but if you can do it more power to you.