If the rental income is currently below average and you have the opportunity to increase it over the next two years by making some cosmetic improvements, it's worth considering.

And that doesn't even begin to talk about any cosmetics!

painted it out and new carpet and light fixtures and blinds, the usual cosmetic " lipstick". 

Call it how my DNA works.People do not do their own surgery; you find a qualified doctor even if it takes more than one opinion to find someone.

It probably needs $40-50k in mainly cosmetic upgrades, but the un-permitted areas could make selling difficult.I'm not familiar with this area, whether it's historic or not, or if it would be difficult to get permitting for additions done 60-80 years ago.  

If you're lucky, you might even find a few brand new appliances with cosmetic damage.

What are your anticipated rent after the cosmetic rehab?

Mostly exterior cosmetic improvements, some interior improvements including flooring.

Purchase price: $410,000 Cash invested: $87,000 16 unit apartment building needed cosmetic upgrades in common areas and units What made you interested in investing in this type of deal?

For a first time house hack I generally recommend something that doesn't need a ton of work or something that just needs cosmetic updates.