Then we had to replace areas of framing on interior and rebuild the window framing plus repair the aged window, but you might need to consider new window as well based on how many on that wall. then drywall and any other infrastructure that needs to be done on that wall: electric plumbing, etc. that affected wall had plumbing so new code dictated double wall with insulation on outer most wall which added additional cost. termite damage went as high as the roof truss and I needed to replace a beam, but luckily above the bottom beam was the only affected area.

Move the insulation away from the bases and check to see if they are on an interior wall.

I agree with @Oren K. that maintenance/cap expense is not primarily a function of the rent amount or purchase price but more a function of things like number of bathrooms, quality of interior, square footage, attached vs detached, type of exterior (siding), unit requires HVAC vs just furnace, etc.  

My quickest was within 2 months, kitchen, bath, interior and exterior paint, windows, floor refinish and some landscaping.

The house was built in the 1930's about the same timeline as the previous house I just rehabbed and rented (Pushed about 40K of equity depending on the appraisal, and only spent about 13K for the rehab) the ARV on the new triplex is about $230k with about $10-15k, all together worth of rehab work as each tenants leases come up, and I'm talking basic interior paint, some vinyl floors throughout except bathroom, and any nick-nacks throughout the units, not a full scale rehab as I did before. 

I suppose a good example would be -- if you were to buy a property whose interior was straight out of the 70's (heavily outdated but in mint condition), what would you be updating/putting money into before putting it on the rental market?

Hello Friends,I am hiring a contractor to paint the interior of my Single Family home (Investment Property) in New Jersey.

Another thing I have started doing is making videos of the unit’s interior and exterior - which has saved me a few drives.

You will need to give significant notice because of the tenants but you will definitely want to check out the interior before putting in an offer.

Can possible sub divide lot.over 5,000 sqft all brickrehab estimate- exterior 40,000... interior 20,000 per unit x 4= 80,000Total Rehab $120,000Seller Asking PRICE $175,000Present mortgage $125,000 @ 7.2% 30 year term (was originally $152,000 in 2004)No second liens2 units are occupied (don't see how with all the deferred maintenance) and supposedly collecting rents $600 eachThey originally offered a "land contract" at $175,000City assessment- based on land and structure $203,000All units are metered separately- electricity, gas, water, trash etc...The good news....pro forma base upon what I know about that area.