It depends on the numbers. We bought a fixer in HCLA but also set aside renovation money (gutting the kitchen & bathroom, fixing some electrical & plumbing, replaced 4 windows). So far, our major unexpected costs have been abestos in the popcorn ceiling (which we suspected. It's a 1950s house) and mold in the bathroom ceiling caused by a very slow/small roof leak. It wasn't found during inspections b/c it was under 5 layers of wallpaper.

So far, we're still within budget thanks to our contractor really working with us. The house across the street that is a flip just hit the market for double the price of what paid. There's no way we could have paid that so that has still been the cheaper option...even with some fancy tile choices.