Kitchens, Appliances and relocating plumbing for revised kitchen layouts, adding in-unit laundry etc. are what generally drives these apartment renovation budgets assuming the mechanicals don't require complete upgrade or replacement. 

While the math per door is roughly the same, my thought is that I will have more doors still rented while I renovate one, and the overall costs for maintenance is roughly the same. 

Quote from @Steve Tokita: I am an out-of-state investor living 1500 miles away from three properties that I am currently renovating to rent or to flip. 

I want to find something local (Los Angeles area), move in, do small renovations to possibly build up more equity, do a 1031 exchange, and find something better. 

Purchase price: $550,000 Cash invested: $150,000 Sale price: $800,000 "Acquired a 3-unit beachfront property in Carolina Beach, renovated to increase rental value and resale potential.

@Peter Dukaj personally think the government should make it more expensive to build than renovate.

If I purchase a building with rent-stabilized tenants, are there any legal ways to de-stabilize the units, especially after doing significant renovations or rehabbing the property?

Here’s the breakdown:Financing & Investment Details: Total Project Cost: $750,000 Purchase Price: $450,000 Rehab Cost: $300,000 Total Investment Needed: $750,000 Private Money Loan: $550,000 (1-year term at 9% interest) My Cash Investment: $200,000 Interest for Private Money Loan: $49,500 Closing Costs for Private Money Loan: $0 Closing Costs for Refinance: $27,000Total Cash in the deal:$750,000 + $49,500 + $27000 = $826,500Exit & Refinancing: ARV: $900,000 After renovation, I refinance at a new loan of ~$675,000.

Purchase price: $270,000 Cash invested: $20,000 Sale price: $360,000 Purchased a house to rent out and complete smaller but necessary renovations and cosmetic updates over time.

@Brittney Yang surprisingly I have found that I can have glue down LVP installed by a local flooring company, we use Artisent Floors, https://artisentfloors.com/, for our local renovations and they are awesome and they can do it for less than what I can buy the product for at Lowes or HD even with my 10% military discount!