Sure, people want wicked nice interiors, but they sure as hell do not want a unit with no elevator, no washer/dryer, and it is directly over the garbage corral for example. thats what we see where I'm from and I'm assuming your dealing more with high rises - either way find out what people want, and buy that product low enough to make a profit after you have done the rehab.

Rates are on the rise where I live, and although I have seen huge appreciation in my properties over the last 10 years, meaning I could refinance to release a lot of money, I would be repaying the loan at a much higher rate.  

The knowledge that was gained from the rise and fall almost made it all worthwhile

The only positive in RE these days seems to be in locking in a low interest rate, but plenty of "forecasters"  see rates rising very slowly.  

In this rising market, I have focused on buying the "cheapest" homes in my target markets.

@Jay Hinrichs Thanks for the details explanation with the chronological events that gave rise to the word 'turnkey'.So am I correct to assume that a turnkey will have a property tenanted and cash-flowing from day 1?

One other thing to note is that all the cloth covered Romex wiring from that era was only certified to a temperature of 60C, where as today's NMD-90 is operational to 90C.  

It's an odd feeling to realize you're excited when the temperature is in the positives.  

Depending on your market, if it is still a rising market, tell her the truth, it will cost you money to sell now/early.

@Thomas Graves This article says that in MD foreclosures are on the rise!