Just out of curiosity, what kind of flooring did you use?

I did not have any plans on going the hard money route so my only option was to cover the concrete floors or back out of the deal and lose my earnest money, plus it became sort of a challenge to get the deal done so I had to do it.

Being new and not knowing the Madison market well, I could use the guidance.It seems to me that being a 1/1 duplex, if I ever needed/wanted to sell, I might have a very hard time.What I do know (And this is off the rental flyer that was passed on to me):Rent: 865/mo/unitUpdated/Clean Property - from the pictures it looks newly renovated or well kept.Large living roomhardwood floors throughout, ceramic in kitchen.Off street parkingNeighborhood Park NearbyLocation: Near East High SchoolAgain, I haven't talked numbers whatsoever since time didn't permit, but before I call to get more info, I'd like to get a good idea of an exit strategy.

The gambrel is a unique style that at least provides more adequate clearance, re the upper roof line, than cape cods.The last property I rehabbed had 15 year old wood framed Pella windows that were NEVER installed correctly & this was once a 'model home'.All had suffered severe water damage & rot within the lower frames & sills regardless of any roofing overhang.The studs around the window frames exhibited rot, as well as some of the flooring directly below the windows.

After changing tenants my rents are;Big unit - $1280/month with a 2.5 car garage2nd floor unit - $750/month1st floor unit - $700/monthAfter all operating expenses and servicing the debt I ended up with $1920 positive cashflow for the first year.

When you start opening up floors and walls, you can easily run into issues.

My hot buttons to draw attention away would be crown, fireplace with limestone, fancy light fixtures, upgraded cabinet doors with 30" uppers, stained concrete or laminate floors and stainless appliances and brushed nickel everywhere and two tone paint.

If I'm gutting a house to the studs and fixing plumbing, electric, then new drywall, cabinets, tubs, shower, tile, flooring etc it costs me around $25 sq ft.  

The house had a damaged roof, every drywall, the floors, the AC duct - almost every inch inside was full of mold.

Replace the blinds, and consider replacing the carpet with hard flooring if appropriate.