Over Rehabbing a Property

[Collin Lee Johnson]

Hey everyone, new to the area relatively, and this space as well and was wondering what thoughts you all had when it comes to rehabbing older properties. In my market many of the properties are pre war construction with plenty hovering around turn of the century, that said many of them have unfinished basements and a lot of original things such as walls and floors. My question then as someone who is getting into this space is would it make sense to try and rehab or remodel these things to get them into the modern age, or are they best left untouched. Obviously there is cost incurred when undertaking a rehab and you have to weigh that against your returns, as a buy and hold investor in a college town (Mankato) it seems to make sense to me to rehab this or at least get it up to snuff and let it appreciate so that I could take more out later, but at what point do you draw the line.

What common things do you like to renovate or fix up, and when do you call it quits.

Looking forward to reading the responses, thanks!