How far to take a rehab for rental

[Thomas Kurtz]

Just got an offer accepted on a property expect rent to run about 800 month. Paid 45K for it, needs some work can get it done for about 5k and rent as is.  Structurally  it has slanted ceilings in the bedrooms on the second story.  As a contractor I can cut the roof off and change for 1Ok tops leaving some room for inspector to say I need to bring up to compliance different things. Question is should I go this far to get a good tenant. I want to brand my product as one that is good quality regardless of area. (clean, efficient and functional) This area is not  a war zone but not extremely desirable due to the busy road. Has great opportunity as commercial with the road frontage. Looking to re-zone it later but don't want the expense now of bringing it up to code for that application just yet.