I know in my area a lot of investors are buying properties that need light renovations. I think it depends on what the market is like.in Charlotte they're developing a lot more, so people are trying to sell their homes for market value since there's a influx of people moving here.
I’m seeing the same shift: light cosmetics are winning more often because they turn faster, carry less contractor risk, and keep you competitive on price; they boost rentability, shorten vacancy, and stack equity if you bought right. Full guts still work when there’s clear value creation you can quantify upfront, strong PM/GC control, and multiple exits. My rule: if cosmetics get you to your target spread quickly, take the base hit; if a heavy lift doubles the value of every rehab dollar and you control scope, swing big. Run both versions of the scope on a deal, compare time-to-cash and appraisal impact, then pick the path that returns capital fastest with the least surprises.