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Has anyone here renovated someone else’s rental?

There is a lady nearby me offering a small 1 bedroom house for 600/month + shared utilities. On Zillow and other sites, similar homes go for 1800/month or more. It sounded too good to be true until I talked to a colleague of mine that actually lives in the house next door, and has a similar deal paying 600/month for a slightly larger house. He said the landlady charges really low as a thank you to the organizations that we work for (non-profit). He really likes her as his property manager and has been there for about 3 years.

The reason why I ask is because the place is in need of some renovation. I’d be offering 10k into renovations with a 1 year lease, bringing down my cost to rent to $1,433/month before utilities, still better than the market average for now a newly renovated place.

Anyone in SoCal know what I can get with a 10k renovation? Is this something worth doing? Am I missing something?

Edit: math

submitted by /u/annotipoxx
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source https://www.reddit.com/r/RealEstate/comments/127j5g1/has_anyone_here_renovated_someone_elses_rental/
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