Going after the light rehabs (AKA lipstick flips) is low hanging fruit that everyone is fighting over, so there lies your problem.

If someone else bought it, they would have spent 100k slapping lipstick on a pig 

The rental rates here started to increase two years ago and there are good opportunities to buy flip houses at good prices or ones that need the lipstick treatment for tenants to move in.  

As far as turnkey yes that is what I'm shooting for although this property needs some minor fixture replacements and lipstick.

@Mindy JensenI’m in the Bay Area And my biggest hurtle is figuring out price per Sqft for my flips, from lipstick to heavy rehab.

In the past, and I am sure even now, that many are putting "Lipstick on Pigs".  

Some people aren't pulling permits, but that is when you start to seeing "lipstick on a pig" finishes or things weren't done properly causing issues for the homeowner later on.

Time compared to a lipstick remodel much longer.. permitting process's etc.So for the one to two a year person I would think remodel is more appealing.for us we have morphed out of remodel into new construction.. and specifically either high end infill in happening cities like ( Charleston SC at 550 to 2 million per home) or move up track homes in Portland Oregon at 430 to 500k per and in those cases we have been buying 20 to 30 lot little housing tracks so the efficiency when you move up is we can build out like we are doing now  23 homes once we start going vertical we will build and sell them all in 12 months done money in the bank.. to try and source 23 rehabs in Portland would be a major undertaking and then trying to get the labor to work on them and finish them also tough to almost impossible..in todays market.. 

Many vendors have poor reputation on putting lipstick on property and selling it to out of town investors..

You can't just throw lipstick on a pig and not have an ounce of care about the guests or their experience.