Put it this way, I have a rehab going on in Ohio, which is not known for being super expensive, but my rehab is costing me $40 a sqft and that is just mostly cosmetic work that's going on.

If the repairs are strictly cosmetic and less than $30k you can do a 203K streamline loan, spend the money on things like kitchens and baths and focus on transitional design that will stand the test of time.

If it only makes sense to put in some light cosmetic touches, that may make more sense than doing a down-to-the-studs remodel if that would put you in a bad spot.I would certainly check out the recently sold comps, that will also give you an idea of potential ARV of your own.

Is it major or just cosmetic to make it more like a home?  

Price is $120K and foundation/mold requires solid 20K with flooring, painting, bathroom remodel and other cosmetic upgrades require another 20K(have bids from vendors).

Look for major structural issues, as well as cosmetic updates that will be needed.

.- 12 units, each are 1 bed 1 bath- Located in a college town- 7 units are rented at $250/month- 2 units are rented at $200/month- 3 units are vacant- Rents haven’t been raised in 15-20 years- The structure is solid but is in need of renovations with some units needing more than just a quick cosmetic “paint and floor” (that’s all the details I currently have on renovation needs)My thought is to make the purchase, bump rents $50/month for the 9 tenants, renovate the 3 vacant units and charge $600/month, move back to renovating the 9 with tenants.

The potential- this property had not been updated in many years and mostly needed cosmetic improvements.

You are like a one person housing development agency, renewing homes and providing quality housing (not any easy task).If someone is just doing a surface flip (just cosmetic shine and not so much substance), I am not sure you help any one (save stimulating the economy some for cost of the floors, counters, and paint).

I will spend more than that making cosmetic upgrades when I'm ready.