They don't care how the property looks and what finishes you choose for the bathroom.

Often: the smaller the unit, the more frequent trun over- you probably pay for heat for all tenants- ownership expenses are fixed per unit and mostly a function of kitchens, bathrooms etc, income goes up with bedroom count - at the same fixed cost- your management cost is a fo=unction of tenant count.

Ft. will either be extremely high $15-$20 per sq. ft. or will not be in business for very long.Just some rough numbers for your entertainment, again base on my jurisdiction of NH.Service Upgrade $3-5KSmoke/CO $1.5-2.5KDryer Upgrade $3-500Range Upgrade $3-500each bedroom $6-900Kitchen $5-10KEach Bathroom $700-$1500Laundry $5-900This does not include HVAC, Sump Pump, garage, basement, attic.The last Victorian rewire I completed was a $28K endeavor and took 3 weeks to complete. 

Depending on the house I might tile the bathrooms or just run EVP there too.If it's a nicer A or B rental, I'd spring for granite, but I've used granite and concrete-looking Formica and it came out really well.

We are looking for a contractor who can help us with creating an apartment in the basement (does not need to be legal), and other cosmetic renovations, such as the 2 kitchens and 2 bathrooms.

The water heater needs replacement, air handler filter is close to replacement along with the condensing unit, the dishwasher is inoperable, there is water damage below the sink, and the bathroom sinks have coating deterioration.

They convinced him that the only way to repair it is to come through my ceiling in my bathroom which is drywall then concrete.

The bathroom was original but it was in perfect condition.

Assuming you are not using conventional finance, look for properties that are REO's that have the a partial remodel started i.e. the kitchen or bathrooms are gutted, etc - these can not be sold to a "conventional" buyer and are often too advanced for a casual investor - who just wants to do cosmetic rehab.Your competition will be low and the advantage is that some of the demo is pre-done for you.TTFN,Greg

The buyer has rehabed it beautifully with granite counters, wood flooring, landscaping, paint, and remodeled the bathrooms.