Let me paint you the picture:First, I spent a week with my friends, @Darren Sager and @Brandon Turner in HI. 

Remodeled the existing home with a new everything: Roof, windows, Kitchen, bathrooms, flooring, painting, landscaping, and more.

Updating entire house, fresh paint, flooring, adding half bath, finishing basement.

Needs some work, dated bathroom, very plain)   I am hoping my new LVP wood flooring, high definition laminate counter tops, new vanities, fresh paint, and more attractive exterior bring me higher rent.We are currently rehabbing with the help of a skilled worker from a big contracting company taking us on as a side job.  

You certainly will cash flow on many months, but over time with maintenance and especially CapEx (roof, paint, heating system), you'll be near break even.A good understanding of loans, interest rates and amortization schedules helps, along with Sch E for your taxes (for rentals).

Paint it and set up the bunkroom / game room. 

Defaulted loan was a VA loan originated in 2016, appears to be in decent shape but will require minor updates (paint, locks, etc.) and needs a refrigerator.

I try to paint them the same color and install the same type of appliances.

Certainly those numbers can change as you get into a project and find unexpected issues, but it's a good place to start and should help you develop per sq ft pricing for flooring, paint, roofing, etc - all the most common components of a renovation. 

They will likely all need to be replaced when I do a bit of remodeling (paint, countertops, floors).