Rehab strategy for multifamily - opinions needed

[Shaine Cobb]

First, a little background. I recently purchased a foreclosure quad. It is need of basic rehab such as: debris removal, cleaning, sheetrock repair, flooring, new entry doors, a couple of windows, some appliances, etc.

I would like to hear opinions on how to proceed with rehab on a limited budget. Keep in mind that the building is completely vacant, but has no mortgage.

Do I complete one unit at a time? Obviously giving up any bulk or multi unit discounts, but getting a unit ready to rent quickly. Or do I attempt a total overhaul, quickly, and have all units ready to go at once?

The units are in a lower income area and I have had a couple of inquiries from the locals as to when the units will be available.

I would appreciate pros and cons, ideas, opinions or what have you.