This town was a town that I enjoyed visiting as a kid, but due to the economy and horrible decision making by the local government, the entire place is in shambles.

It's actually a little more involved than just paint and carpet, but it's the closest to "paint and carpet" that I've encountered in a while.This house was built in 2006 with 3 bedrooms, 2 baths, and a 2 car garage.

first you need a car that is dependable and safe.

There are economies of scale though and for a 5 unit it was I think $2200.  

Prescreen by telephone and only show to those who are likely to qualify to rent.Show in the daylight hours only.Show properties as a team... my husband and I, or with our property assistant.Schedule back to back appointments.Photograph the prospective tenant's car when I arrive and leave their name and contact info at home and in our car.Never carry a lethal weapon.

@J Scott re: the human resource infrastructure and other costs associated, we are fortunate to have economies of scale as the company I am partnered with manages a very large mobile home park and apartment building portfolio so we are spreading out the overhead cost more so than a starting house flipper.

As a young adult, I lived in my car for a while. 

Though most markets have had nice appreciation in last few years with less distress sales and improving economy.

I'm a used car dealer flipping cars.

If they have any issues paying things like utility bills and car loans, I would more than likely reject them.