The ideal house for a first-time flipper is one that requires only cosmetic work. Cosmetic work, includes the following low-cost repairs and renovations:

• A fresh coat of paint throughout the house
• New wall-to-wall carpeting in any rooms that need it
• New light fixtures
• New outlet and light switch covers
• A thorough cleaning inside and out
• Window washing
• Storm window and door repair or replacement

Lawn mowing, weeding, trimming trees and shrubs, and other basic landscaping

Cosmetic repairs don't add as much real value to a house as, say, a new kitchen may add, but they attract buyers. Often a house is undervalued simply because prospective buyers can't stand looking at it.