Being a landlord is not the time or place to enforce your personal worldview that tenants/people are too soft in our modern society. 

And vinyl is soft and warm vs concrete.

In general, I've always thought of (and seen) luxury suffering first and then that softness moving down to middle and lower tier properties.   

So, I decided that I liked it enough to put some money in the deal as well.Some of the repairs we made:Ripped out nasty carpet and installed new laminateRipped out sheet vinyl and installed new ceramic tileNew toilets and hardware in bathroomsInstalled new privacy fence where neededPainted entire interiorReplaced all baseboardsCleaned up flower beds and put pine straw inCut  down tree in back yard that was damaging the old fenceHad house and all concrete soft washedAdded CO monitorsLots and lots of cleaning...  

Quote from @Rodney Menendez: @Peter Dukaj yes we are still finding lots for around $19k in Lehigh Acres with no issues for construction  still a soft market and utilities are going to run way more than public sewer and water taps. it all ends up being the same. 40-50k for a lot no matter how you skin the cat. plus all the site work required for those lots is more than double what a traditional infill lot requires in miami or columbus for example 

Brush off the haters.

Soft sand warm waters..

Second, 10K is soft costs is just not accurate.  

Slumlords overcharge for property in poor neighborhoods that is kept in poor repair and allowed to deteriorate.A slumlord causes negative viewpoints of a landlord to be painted with a broad brush.  

Brush up on building code requirements: in basements you're looking for egress windows that are 5.7 sq feet or more openable (3ft by 3ft casement style windows work best), and ceiling heights 6ft 8 inches or greater (as little as 6 ft 4 inches is ok under ductwork and beams though)Sounds like your basement would be a home-run to generate some extra rental income - Happy to talk through the details of that strategy with you, just shoot me a DM!