Also new flooring throughout with tile, update the kitchen cabinets, replace the kitchen counter tops, update the kitchen appliances, knock down the popcorn ceiling, paint throughout, etc...Is this a good or bad idea?

More photos and more info at:https://medium.com/@rafamvc/before-and-after-of-12...Total investment : 85000Purchase price: 24700Wholesale fee: 12300Roof, siding, cement pointing, soffits and gutters: 13050Drywall attic and middle bedroom ceiling, tiles & trims, back door: 8800Interior Painting: 2900Plumbing: 1600Electric: 3000Appliances: 2100Refinishing hardwood floors: 2700Attic spray foam insulation: 2100Insurance: 750New boiler (oil to gas conversion): 5200Random miscellaneous expenses: 5800Rented for 1300/mo.Taxes 1800/year.

Walls, ceilings, floors subsequently will need to be repaired.

It is good for my homeowners and good for my customers.Probably the only time that I EVER regretted going the extra mile was replacing a ceiling fan for one of my homeowners.

Coved ceilings, trays, deatailed fireplaces, arched doorways, hardwood floors everywhere, tongue and groove fir front porches.Converted wall hollows from the telephone cubby or ironing table hidaway or inset medicine cabinet.

The popcorn ceiling in our new house is cracked in spots.

@Dawn Anastasi Dawn those are just awesome numbers.. 1595 rent out of a 88k homes that for us west coast people is mind boggling. we rent 350k homes for 1700.rents have a ceiling here. like 1.5 mil sfr's will rent for 5k a month or so.its not exponential on property value vis a vi rent.No wonder you mid western investors have all the dough :)

@Keith LewisIf the upper floor is a separate unit, then the space between it and the ceiling of the lower unit, if properly fire rated will be filled with a non-combustable "insulation" such as rock wool which also provides significant sound deadening.  

I set my price the night before, I always know my ceiling.

Christmas lights and crappy speakers hanging from the ceiling.