The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

Landlords in NJ are required to have their rental properties built prior to 1978 inspected for lead based paint  by July 22, 2024 per a Phil Murphy signed law in 2021. 

Don't redo the kitchen, maybe some paint and new hardware will suffice.

Now here si the thing, cleaning is CHEAP, paint is CHEAP, taking good photos and video is CHEAP....

Even though the basic structure was fine .. needed new counters appliances flooring interior exterior paint and other upgrades to get top dollar.

**Exterior Renovations**: Enhancing curb appeal through landscaping, painting, or facade repairs attracts tenants and maintains property value.4.

But painting the exterior of a house for $500 is very reasonable, at least around here for any person of reasonable skill to paint a house.  

Spent $10k for cosmetic renovations (paint, kitchen, plumbing, minor repairs, etc.)

Additionally, before closing I painted the kitchen cabinets and began marketing the property for rent; Again this was risky, and I was a bit nervous he would back out after I putting time and money into the property without owning it, but I knew he wanted to sell all his California properties so I did it anyways.

Includes new flooring, paint, kitchen, HVAC, siding and cosmetic updates.