Personally, I think a decent kitchen and bathroom are important but I have no idea what your unit currently looks like or how it compares to the rest of the market so I can't answer your question.

That might give people an idea on what your first steps could be. $5000 wont be enough to buy a rental in the traditional sense, so what's the plan?

If you can, share some numbers with us (purchase price, renovation cost vs new build cost, ARV of rehabbed properties vs new builds), that way we will be able to give you a better idea whether its a good deal or not.

I like the Idea. 

Any thoughts, advice, or ideas?

Get likes the idea of moving into a condo or an apartment.

And I'm all about the intro song idea!

I currently have a multi-family and a condo in Jersey City for rental.Beside NJ, I am actively searching for REI ideas in other states using BP. 

At that rate, I could use Rentometer to get an idea of rental est., put it in my spreadsheet and get an answer–– which is what I resorted to. 

Here are a couple ideas though.1.