However, the house is three floors, and my unit spans 2 of the 3 floors while my tenant's unit spans 1 floor.  

Also, if the houses are "not in great shape", then you are likely in for expensive repairs and replacements (roof, flooring, etc. referred to as CAPEX).I would advise you do some searching on BP and read up on Section 8 tenants.

Have a tight budget for a condo in a 55+, needs a cosmetic re-do (Floors, paint, kitchen, bathroom vanity, fixtures).Referrals Appreciated.

Originally posted by @Westin Hudnall:@Kristen WilliamsI have a property coming available Jan 15th out West at Maize and Kellogg. 10878 W Dora.3 bed 3 bath fully remodeled with main floor laundry. 1900 sq ft , granite kitchen , stainless appliances , etc for $1499/month.Let me know if you have anyone interested I do, actually!

The 2nd floor tenants make references to the nasty 1st floor tenant. 

Here's a non-exhaustive list of some of the projects that we had to do to it.replace water main from the street to the housereplace all water lines in the housetear out all carpetPaint the interior (will be painting the exterior or residing in the spring)put in new laminate/vinyl floors throughout the houserepair dishwasher and oveninstall gutters on back of house and fix some water damaged areas of the wallreplace some of the rotted subfloor in the bathroom/laundry roomrepair the furnacereplace back doorchange door knobs and locksvarious other small repairs… patch holes, outlet covers, etc…Purchase price = $12,500Closing Costs = $1050Rehab (still an estimate, but it's close) = $13,500Total Cost = about $27,050Rent = $750/moHere are some before pics 

I had to replace a 2nd floor window that had been there for 100 years... modify all the stairways and deck railings... hard wire smoke detectors and on and on...

I had a client who almost lost her life changing a smoke detector battery, it was going off in the middle of the night and was on an 18' tall ceiling (why it had to be there I know not), she got an extension ladder out to change it, unfortunately the bamboo flooring allowed the ladder to slip and she slammed face down on the floor, a most awful accident...teeth, jaw...etc....it was really bad. 

Quite outrageous when you take into account that it's on the second floor and doesn't benefit from any hedge trimming, among other services.  

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.