I built my house for $173,000 a few years ago. 3/2 w small office, 1,600 sq ft, all brick, hardwood floors, etc.

We knocked down walls and created an open floor plan, removed the popcorn ceilings, replaced dated wood paneling with sheet rock, and installed hardwood flooring throughout the home in the first 45 days of construction.

Greetings: I came across this community while searching for the flooring for one of my rental homes.

The first floor pays a little more then the mortgage alone.

With 3 long term retail clients on first floor, and 9 out of 13 leased offices in 2nd floor, current total income is $126k.

Throw down some new flooring and paint and re-sale or rent?

It probably cost me $3K before it was done and I used 3 coats of Kilz on a hardwood floor to seal the smell. 

Also for as is value id say around 40k needs multiple windows, peeled roofing , new drywall , flooring , exterior and interior paint and cosmetics yard work etc.

Cheaper means sloppier so expect more paint on Windows, floors etc.

I put in a new roof, redid the floors, painted, did yard work, window treatments, removed asbestos in the garage.I had the place reappraised it was now worth 335k.