I'm mostly looking for paint/floors maybe some kitchen attention and minor bathroom updates. 

First a little on the home that has dropped in list price twice since last year:2 other offers presumably are waiting in the wings.I looked at the exterior and did all my analysis and number crunching, asked PM what rent could I get for the area.my offer: 112,500 ( almost 88% below list roughly 15k) 20% down / 30 term / 4.5% (90k note)1,250k rentall expenses: tax (trim value 2,156), ins (1,000k agent said this is likely to be much less),r$m and capx accounted for in calculations.cash flow $156cap rate 6.5%coc 7.6%rent-2-value: 1.1New roof (2010), new upgraded kitchen (2014/2015) by Homepath I suspect whose name is in the seller description, cul-de-sac, nice area I've driven over a few times different times of day/night.

Here are the quick numbers: ARV = $600,000 to $625,000Repairs = $25,000Purchase Price: $500,000Mortgage Balance: $500,000PITI: $2,750/moAnnual HOA Fees: $2,350 + $1,500 initiation feeMarket Rent: $2,700 to $3,000Repair DetailsUpdate master bathrooms, update kitchen cabinets, re-sod front yard, other minor cosmeticsThe owner has told me that he is willing to sell it on terms.

The primary things I need done areUpdating two bathrooms (fixtures, flooring, paint, etc.)Updating closetsReplace carpetRefinishing wood flooringPaint or update kitchen cabinetsRe-sod yard Sidewalk repairOther minor cosmeticsThere are no other major items that I am currently aware of (e.g. 

I just don't see buying a condo for less than the price of a kitchen remodel.

We would share the kitchen while I remodeled and she would pay a lower rate until it was complete.

Are you planning on replacement of tile with laminate in the bathroom and kitchen areas?

All the houses have been completely remodeled and have tile throughout along with updated kitchen and bathrooms.  

The previous owner explained to me that they had renters in the property but since then a water leak in the roof happened from a vent in the kitchen so there is water damage.... also the property is now boarded up and secured..What would be the first thing you would do?  

It needs new plumbing (cast iron), electrical, kitchen, BA, windows, doors, refinish floors, appliances, possible roof and remediation of a bunch of health inspector code violations.