Great opportunity for a fix and flip or buy and hold. its about 75% renovated and can go for much more after its completely finished. 

@Leigh Ann SmithProperty values for this year are already set so 92K will be the value for 2015Property values are based on the condition of the property on Jan 1 so if you bought now and renovated prior to Jan 1 2016 you could very well be valued on the improved value. 

But don't over pay.I'm not sure how many empty units we have waiting to be refurbed, maybe 4 at the moment, but do you think I'm going to pass up ridiculous underpriced houses because I'm not ready to renovate, heck no.One house that keeps getting pushed back down the list, bought for $20k two years ago, rents with a caretaker tenant for $300, that covers costs, and it's appreciated in its current state to probably around $35k already.

I planned to rent two of the bedrooms to cover the mortgage, do some renovation and save some more money over the next year until I was ready to move on to another property.Meanwhile, I went back to school to get my teaching license because I hated my day job.

This 2-family was completely renovated in 2005 and renovation costs totaled $80k.

A craigslist search turns up many "renovated" 2/1 houses at $800-$825/month rent. 

This includes new 100 amp breaker box service panel as well as 3 prong grounded outlets throughout the house.This fits right in the renovation budget for the electrical, I am scheduling the install for next week!

And just to make it even more tricky, each municipality chooses exactly how to calculate and enforce this 50% rule... for example, I may be spending only 40% of assessed value in renovations, but before I purchased the house, the old homeowner did repairs totaling 15% just a few years ago (or many years ago).

Most lenders do not specialize in renovation and thus it is not handled as a specialty.  

I am about to make an offer for a house that I may wholesale or renovate in Charlotte, NCDoes anyone have a good purchase agreement they can send or I can download?