Descent painted walls, affordable flooring - read “pretty cheap tile”, a good roof, and fixtures that work.  

Replacing flooring and paint?

Back then they didn’t have the money to do the full renovation so I originally made the best with what we HAD to work with blending it more to the client’s style through paint colors, accents and new furnishings.

I don't see many of these in Amarillo....but not there very often and don't pay that close attention.If it is, maybe you could really specialize...and as someone else said if you have truck parking....rent to truckers for the night....or if you are close to Route 66 rent to bike riders passing thru....or focus on any of the other specialties in your area....like including spray paint for the Cadillac Ranch, or balloons if they want to visit the Helium museum...or cool things like that. 

I`m looking at a 950 sq ft ,2/1 condo ...asking is 110000, ARV looks to be about 175000.It needs flooring ,paint ,and a light bath and kitchen update.

There is a little more red tape for FHA loans around safety related aspects like chipping paint, broken windows, etc., but a great choice to jump into the game!

If a tenant moves out and you need new carpet, paint, etc, half of your "cash flow" is gone to get it rent ready again.

You’d want to know the status of all tenants and their leases, are the units separately metered, year built (new lead based paint law has just been passed this year for rentals).

(Yes, if you property manage all them, I get it could be somewhat passive… but PM  is a total rip off and from most I talk to, you still are a major cog in the machine even when you do have PM.)  

One more thing on hanging artwork to make it visually appealing, the rule of thumb is to hang it so the middle of the painting is at eye level- about 57 to 60” from the floor, unless it’s over a sofa, then the bottom of the frame goes 8 to 10” above it.