In that they will detail the scales they use, including at which level of renovation it's possible to get things "reset" so it is appraised as if it is a new built property.

Quote from @Matt Smith: Quote from @Malek Bohsali: Where you're located, are you required to comply with today's standards for the entire home or only for the renovated parts of the property?

I intend to add a closet to the den and make it a 3 bedroom adding value as well as remodel the entire unit.

Based on the design, I would go with sororities if possible.

Over the 30+ years my wife and I have walked and pencilled well over a thousand possible deals. 

There is discussion that eventually no jobs will be necessary which is an entirely different discussion. 

Painting, for instance- an amatuer could take their time and paint a house over the course of a couple weeks and do a great job, but a professional crew could do the entire job in a day. 

Thankfully the lender talked me in to a 24 month term as it took us the entire 2 years!

Ended up calling the Jersey City Division of Housing Preservation and in essence the entire home has to be in good order even if certain parts aren't accessible to guests.

Gutted and renovated the entire unit What was the outcome?