This was proposed by the bi partisan debt commission recently and will resurface, but not until after the 2012 elections.Cuts in defense budget are also certain to follow.

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Paint, flooring of the living room, kitchen, and bathroom, resurface the cabinets ect.

They do counter and tub resurfacing but also have a hard enamel or some such finish for cabinets that is really durable.

Cash will be king again -- both BRRR and flip opportunities will re-surface.  

Both upstairs bath cabinets painted & resurfaced, new 5inch laminate hardwoods through out the downstairs, new carpet upstairs, fresh paint throughout including baseboards & trim.

The second kitchen looks like fresh paint will do wonders for the cabinets and the laminate counter top can be resurfaced as well.

You also might want to look at filling in the room since no one really uses them anymore, and like you said, it's a bit of a creep dungeon.The porch's concrete could just be resurfaced.

In my experience it usually means heavy smoke/mold/water/stain damage throughout.. to the point the drywall is 'discolored' to the point needs replacing, ditto for fixtures especially enamel, porcelain, laminate, wood, etc usually need to be rippd out or at least resurfaced... definitely usually more than 'needs a paint job'

Most of the equity I took out was put back in to rehab the property and redid that backyard/patio deck,refinished the pool, new roof, new driveway, paint, landscaping, resurfaced kitchen cabinets, etc.