Both units need work; here are the larger items:Appliances (Unit A needs range + fridge; Unit B needs fridge): $1,500Floors (flooring needed in living area, hallway, bedrooms - probably use vinyl): $3,000Windows (need to be re-sealed) + New Doors (front screen door, doors in basement to yard, etc.): $1,500Paint (most rooms need paint): $1,000Roof Shingles: (may or may not need to do; roof missing a few shingles near gutter): $300Dryer Duct (missing a piece that connects from laundry room to outside, quick fix): $100Hot Water Heaters (electric) x 2: $2,000 (which is probably way high, but trying to be conservative).TOTAL ESTIMATED REHAB BUDGET (which is probably sky-high): $9,400ESTIMATED CLOSING COSTS: $5,000 all-inPROJECTED CASH-ON-CASH RETURNS: 14.91%=====================SECTION 8 PROGRAMI really need to educate myself on the Section 8 program. 

So I'm hiring a property manager to take care of the top three floors of the house while I occupy the basement.I am in great debate with myself in taking a line of credit on my house to do renovations to the basement.

What if the drawer is sticking because the cabinet is losing square.....because the base is damaged, or because the floor is sinking.  

The home did indeed smell smoky inside on the top floor(though there didn't appear to be any smoke damage), and we couldn't really tell about the roof from looking at it below.

They driveway has to go from the street to the garage floor, and you can't lower the home or raise the street.I have had several rental inquiries and I am willing to do that, but I couldn't get refinancing.

Guest BathMasterLaundry room, large and lots of storage, floor to ceiling cabinets not pictured.The backyard is very nice for this area.I got it for $98k after a multiple offer situation. 20% down 15 yr 3.375% loan (I don't like paying interest very much).

One of my first tenants, even though it was clearly in the lease that repairs or changes are not allowed without written permission from me, put down those old tacky peel and stick kitchen tiles in a bright blue over my brand new neutral flooring, changed out the dining room light fixture, and painted the house in horrible dark colors.  

We are looking into replacing the carpet in the living areas with a laminate flooring and updating the master bathroom.

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.