Look for a distressed property that doesn't need a major rehab but does not some cosmetic work (paint, floor, cabinets refinished, landscaping, etc).

The home will still need a few cosmetic repairs that the 3% could be allocated towards but I know that the closing costs and repairs are all inclusive within the allotted 3% seller contribution amount. 

Although buyers who've taken properties with good bones and cosmetically updated them have definitely made money, like anywhere.

Cosmetic renovation and regular maintenance.

It likely only needs cosmetic items and has a newer roof.

Outdated cosmetic interiors leading to very low rents made this investment an ideal value add through unit interior renovations.

Cosmetic work also needed to be done to both units.

Lastly I got flesh eating disease on my butt that required a 7 week hospital stay, 5 surgeries and 3 scrapings.

I only pay for the electricity to run the water well and the electricity to the boilers.Re-plumbedFixed a bunch of nasty cosmetic issuesAdded decksCleaned the yard and removed brush What was the outcome?

If you can find an element of distress but the property is still inhabitable then you can often times just do minor cosmetic things and get a much higher appraised value.