Got a great deal on this place, and going to do well when I sale it in the next few months.Right now I am running my roofing business (which I have done for nearly all my working life) and rapidly moving my way into the fix and flip family of investors.

Taking the cheap with repairs route you now know that what is being done is all set and shouldnt be biting your wallet again for quite awhile ( roof, water heater, furnace etc ) To try and ballpark answer your question of : " How much does it normally cost to do the necessary renovations for a "7 000 dollar" house, to make it ready for tenants?"

It has four apartments upstairs and a 4000 sq ft store front. it has not been updated in over 20 yrs. that's right up my ally and i really enjoy that building. here is the statsAsking price $85000Electrical update to code, bid for $23000 owner says she would pay $10000Apartments would take around $10000 each to updateNeed a new roof and furnace in 5-10 yearscurrent rents with new tenant will be around $2400 all updated could bring around $3000.Water, electricity, gas run about $600/mId love to get it at $60000 and plan to update apartments as tenants move out with a goal of being fully renovated in 5 years.

If you can't get a contractor over there right away a ballpark figure of $20,000 per unit for carpet, fixtures, appliances, stripping wallpaper, texturing, painting, new windows, wood pest repairs, landscaping, systems repairs (heating, air, plumbing, electrical, roof, siding, doors) suggests a budget of $80,000 or more.* Hire professionals to do all the skilled work.

@James Syed How old are the systems, (roof, windows, siding, hot water heater, appliances, HVAC, etc)?

If the roof is over 10 years old, we replace it. ($3k-$8k)4.

They may hate me but their clients love me.I have learned that most agents care about their clients and don't want the liability that is created by recommending a soft inspector.I keep a "non alarmist" tone, both in person and in the report, but I am very thorough and I take the time needed to inspect every system and produce a narrative report that explains the issues found.

Burned an area about the size of a small coffee table in the wall and roof.

Apartments get a 1.3 FAR ratio to build on LR2 Cost to build would be very similar to the town homes even though it is larger, but has less roofing and siding etc.

There were no apparent leaks in the roof.