If i am sure that I will go the Rent strategy, I would spend a bit more to put in more durable finishes such as tile flooring potentially higher grade countertops and casework, etc, compared to flipping.

I just purchased the house a couple years ago 0 money down and I still owe a fairly decent amount so I may not walk out with much spending money depending on the price of the house.

For example, Bridgewater (Bridgewater State University) had two duplexes sold recently at $542,000 and $575,000 - still over your budget.I think you're going to have to raise your spend or consider another area.

@Chuck Holland -There are a ton of question to answer your question.How much do you have to spend?

The properties have market value which can be determined by reviewing recent comparable sales.

For example, if it were that simple, doctors could just have patients sign off that they might die or be injured during surgery, and there would be no need to spend multiple digits of expenditure in malpractice insurance and we could visit a doctor for $50.Go after their insurance.

I think I will look for a local tenant lawyer and review with them. 

Cap rates can be all over the board and there are basically no comps on MLS to justify what to spend. 

I'd hate to spend money replacing it when it works perfectly fine.

Also ditech does not have very good reviews listed.