What do you guys include in Rehab cost during analysis?

[Nader Hachem]

Hey BP,

I've been spending my time lately looking for my first deal. I've been doing this by finding properties on the MLS and using the BP calculator to analyze them. I'm looking for a $200 CF/month with 10% Cash on cash return.

What type of upgrades do you guys deem necessary when looking for a rental? Do you guys have a rule of thumb on what should be replaced and what would just be considered extra? I'm struggling on figuring out what ACTUALLY needs to be upgrades. Do you guys focus on cosmetic things like painting the walls to match? 

Of course things like worn out paint, worn out carpet should be changed out.