The wife and I rented 1/2 of a duplex on the UNC campus close enough that she can walk to her lab (she's starting grad school this fall). It needed a ton of work so we traded out rent with the landlord and did it ourselves. The place was really fine other than the kitchen which was ghetto to say the least, but we fixed some other stuff too.
More photos are at www.theblueindian.com under "other stuff" section of the photo page.
Here's a sample:
Had some help from swampfox and gothzilla, as well and some buddies around here.
All told, we did:
Replace a 4x4 and 2x2 section of rotted sub floor
Put in new linoleum flooring.
Correctly install hot water heater.
Replace counter top.
Put in double basin sink.
Build new cabinetry around hot water heater.
Paint walls, ceilings, and trim.
Clean stove & repalce pans.
Move 220v plug so you can use a stacked washer/dryer.
Replace rotted baseboards.
New toilet seat.
Put up cabinet.
Cleaned. Ceiling fans in all rooms.