Essential Upgrades in Buy & Hold Properties

[Kristyn Grimes]

I'm putting together a table of common real estate rehab/update costs. I'm getting some valuable, relevant numbers because my mom is in the process of updating the big ticket items in her 25+ year old home nearby. I get to look over her shoulder and interact with the contractors in our area, the bids they give her, and see the results they're able to turn for the agreed upon price. 

In my own real estate journey, I'm looking to do a combo BRRRR & AirBnB. When looking at everything from garage door openers to water heaters to thermostats, it all seems to come with a "smart" feature. I have some of this in my home and it really helps with every day life like turning on the porch lights at a certain hour, changing thermostat settings upstairs from anywhere, and making sure I don't have to get back out of bed to check if the front door is locked, etc. I'm currently in the middle of Brandon Turner's Rental Property Investing book and he does go into factoring out cost of big ticket items over the life of the item, however...

My question is this: Given an example of me having to replace a water heater, the options for a middle-of-the-road unit are plenty, with tank or without. But if I pay a little more, I can get a "smart" unit that can be hooked to my SmartThings app and monitored. Would this extra cost be something that would be beneficial in the long run to protect the property? I apply this same question to purchasing and installing leak detectors under sinks and laundry areas. I thought these might be a worthy investment because I have ugly memories of having to arbitrate myself out of an apartment lease when a perpetually leaking upstairs toilet caused a major black mold infestation, sickening us. 

Any insight would be helpful. Please and thank you!