Well With out more details, I cant really comment on pricing. But If the area is undergoing a boom, I dont see how you could lose too much money ( depending on what the total cost has been so far) I also believe tradies ( no offence to the tradies out there) but they generally see 'us' coming and could possibly end up costing you more than what the value they would add to the house would be.
 I'd do some internet research on those windows if I were you. I've heard from some people that they can be quite simple to restore if u know the tricks, where as Very expensive to get fixed if you have to pay a "profsional".
  If there's one thing I've learned in the last few weeks, Its to just get in there n give it a go yourself. I'd never try anything myself coz I was worried I wouldnt be able to do a good enough job, but my theory has become, 

 "It mightn't end up finished to perfection, but I bloody well cant make it any worse,lol"

It depends on the house. You dont need to do massive renovations to make it a rental, it just needs to be clean, tidy and livable.

Replacing a few floorboards is nothing, though replacing whole floors is a much biger job.
I picked up some second hand kitchen benches in reasonable condition with double sink for like $15 off ebay. going to modify them to fit my kitchen, then its classed as "updated".

not sure what you're bathroom lay out is, but i picked up a second hand vanity unit for $80, black marble style top, comes up like near new. Little things like that make Huge differences.

If you want to get it to a rentable standard, (again this is without having seen the house) but I think, Tiles, Paint , Carpet & Ebay could probably be your best friends.

Would love to see some pics of the house ( if you dont find that too invasive) my email's  [email protected]

This is my first time to this site.
I'm 22 next month. I work in a supermarket in a country town . Mid last year, after help from my partner getting the deposit, I bought a house (in Morwell Vic) for 76k. someone previously had put an extension on it, making it 3br instead of the standard 2 br in this area. But it had been done badly, and the previous owners had left it in a horrible mess. 
While both working, we have gradually worked on the house. We've spent approx 3k so far, and with another 3 or so thousand in the current market it will be worth 120k+.
Now if I decided to sell it and got $120 000, subtracted the loan, the money spent on renovations and $8000 for fees, I'm still left with over $32 000 profit.

I think it all depends on the potential of the property you're looking at purchasing, and just how much  the renovations you will do will add to the value of the house.