I might spend some money rehab the bathroom and putting some lipstick on in general for desired presentation.

You can put lipstick on a pig, and it still oinks.

   $100k would be tight.A 3/2 -- 3/2 no walls moved;   $90k is possibleA rental rehab;  lipstick, no HVAC or roof, keep everything, paint kitchen cabs and scrub up bathrooms. 

You lipstick.

We already own a duplex that we bought in LA in 2014, it was a flip that the seller had bought at an auction and done a lipstick job with, we put in an extra $30k to get it rent ready, redo plumbing and electrical, and have been managing it ourselves since.

Much more likely somebody put some lipstick on a pig. 

I can rent it with some lipstick improvements.You're right about the mgmt fee.

I mean lipstick on a pig.  

Hes selling it for $50K and the tenants are all brand new due to his "lipstick" he just put on the property.

The supposed "tax benefits" are often used to slap some lipstick on a loser rental.The reality is that good rental properties produce taxable income, even after deprecation.The common claim is that the passive losses from a loser rental can be used to offset other income.