I hate to sound cynical, but you probably have a waiting list of tenants because they want to stick you with their heating and hot water costs.

Taking the cheap with repairs route you now know that what is being done is all set and shouldnt be biting your wallet again for quite awhile ( roof, water heater, furnace etc ) To try and ballpark answer your question of : " How much does it normally cost to do the necessary renovations for a "7 000 dollar" house, to make it ready for tenants?"

Nevertheless, I can’t resist the urge any longer.

It has four apartments upstairs and a 4000 sq ft store front. it has not been updated in over 20 yrs. that's right up my ally and i really enjoy that building. here is the statsAsking price $85000Electrical update to code, bid for $23000 owner says she would pay $10000Apartments would take around $10000 each to updateNeed a new roof and furnace in 5-10 yearscurrent rents with new tenant will be around $2400 all updated could bring around $3000.Water, electricity, gas run about $600/mId love to get it at $60000 and plan to update apartments as tenants move out with a goal of being fully renovated in 5 years.

Stack that on top of finding tenants and managing a 6 unit building for the first time and you could really end up in hot water.

The seller grossly underreported the taxes, insurance, and water expenses for the property (they were listed on the MLS).

@James Syed How old are the systems, (roof, windows, siding, hot water heater, appliances, HVAC, etc)?

When the basement ceiling is accessible, we replace the galvanized water pipe with PEX.2.

Maybe show dramatic pics of hidden damage, water damage from leaking pipes, dry rot, etc.3.)

So, figure out what a specific property in a specific area could/should rent for and then figure out if that would cover the expenses.Expenses include property management, taxes, insurance, any owner-covered utilities (ie water, trash, maybe even gas or electric), a vacancy buffer and then some reserves for maintenance and capital expenditures.