I have a substantial position there. 

Unlike many businesses where if you build up revenue, profits, organizational structure, market position; and van prove historical financial success, you have equity, sometime substantial equity in that business, which you can capitalize on by selling the business, borrowing against the business, or hiring a professional to manage the business while you collect the profits.  

Rewiring, adding bathrooms, fairly substantial exterior work.From my experience, if you are only looking at MLS listings, the deals will require a lot of vision and renovation.  

St John's is the capital of NFLD 1000 miles away.While there is still opportunity in Saint John, prices have risen substantially in the last 12-18 months.  

Because of this, there are substantial high/low spots in the floor which is currently carpeted. i cannot put down click floor or even subfloor/vinyl without waves and cracking and just issues in general - so I'm told. 

For me, as long as I'm breaking even or paying substantially less in rent than I would otherwise, and it will cashflow when I leave, it's good with me.

It is similar to your homeowner's policy less a substantial amount of personal property.

@Thomas S. that's great for a Canadian with Canadian tax code.. but us investor who has owned a rental for 30 years has now fully depreciated it..and when they sell it they have to  recapture all that depreciation and pay the tax.. and its a whopper  LOL... this is why I say once you decide to go down this road to fully utilize your cash flow your enjoying now you can basically never sell.. other wise your going to give a huge chunk if not all of it back when you do sell .. ( unless you have substantial appreciation.. ) @Shawn Clark  Oh ya the guys that make a living selling to the perpectually paranoid  LOL..

I've not had anyone under the age of 6 occupy this property yet, but considering the type of neighborhood it's in, I think it's likely inevitable.My concern is that any amount of lead found in the property would come with a substantial cost to remediate.

Going for good markets is now more key than ever, you'll get substantially higher cash flow + appreciation if you weather the first couple or so years.