Handy with a hammer?
Had a buddy who bought a house in the garden district within walking distance of LSU, for the purpose of renting out two bedrooms while his daughter lived in the third bedroom. House needed some TLC.
He went in and fixed a few small things on the outside, then painted the exterior. Next, he tackled the kitchen, repainting the walls,cabinets and laying builder's quality ceramic tile on the floor. That was followed by some bathroom work I don't think was too expensive. Don't know what he did in the front room, but I know he painted the bedrooms after doing some sheetrock repair and then had FHA carpet (it was faster and cheaper) laid down.
He sold the house after his daughter graduated. I don't think he made a huge profit, but his daughter's housing expenses in college were pretty low.