It can take a long time of constant searching to buy a property at 85-90% of ARV with a little lipstick, but buying with cash on my first investment property meant that I am pretty bulletproof for any recession.

The $4K-$5K you're planning on spending on renovation assumes a lipstick job. 

May be some motivated sellers there.My meat and potatoes was rentals but my favorite 'flip ' was the clean up and lipstick nice one wholetailed slowly with a lease option. 

It will make it look better than what you have now but…. still lipstick on a pig.

I was thinking just like you said "putting lipstick on a pig". :) 

Are you looking at full gut remodels or lipstick level renovations?

I'm a little nervous of getting a new flip not on MLS since maybe there's things they could be hiding and it's like putting lipstick on a pig, but at the same time I have seen some remodels that are stunning and it's clear there is an emphasis on craftsmanship. 

Lipstick on a pig is a common reference, and a solidly true statement in many respects.  

Get them cheap slap some lipstick on them and call it 'war zone chic'. 30% premium per door easy!

https://www.mocoshow.com/blog/a-sneak-peak-at-the-...Lipstick on a pig?