In my humble (and often worthless) opinion, it's the colors and finishes of a house that give it that classic feel (or that modern feel) vs. the sectionalization (new word perhaps) of rooms.

Subject Property - $105,000 (cash)Renovation - $70,000 (cash)After Repair Value - $260,000 - $275,000 (could be more depending upon the finishes)Here is where it gets tricky...- Holding Period: 1 Year- Renovation Time Frame: 3 - 4 MonthsI would buy this property under the FNMA guidelines of the First Look Initiative which allows Owner Occupants the first "stab" at purchasing the property before Investors. 

However, when you HAVE finished the rehab, you will be in a good position to play that Realtor off against another when it comes to negotiating THAT fee.  

The property had to be finished rehab and leased at least before I can do anything. 

People see the cash, and start to see the finish line....  

I am looking into finishing out my real estate license, and starting a property management company underneath a broker.

I have just recently finished my studies and passed my state exam for my real estate license, other than that I have very little knowledge in the field of real estate. 

But, in some markets they just aren't attainable.

We no longer rent places to folks "sight unseen".Youngsters just finishing basic training and going to their first station might, at times, be like any youngster renting for the first time. 

I second @Barry Cohen and @Jean Bolger Some other considerations:  Are the lintels actually failing, or is it just that the finishes around the windows are cracked?