And then if you want/need the fancy features, you can upgrade piecemeal.

Just set aside some for repairs and to replace worn out or damaged items.All houses will eventually need a new roof or HVAC system.We also have an upgrade budget.

i’ll buy & hold properties a mechanic shopkeep upgrading the businesses sit on reserves 

Quick question: If your cash flow is pretty low, what is your plan for upkeep, upgrades, incidentals, etc. 

It will upgrade to Commercial from 5 and up.

Based on the improvements and upgraded cash flow the NOI capped out much higher so I was building both equity and cash flow.

Will be listing at $425k, we are looking to upgrade to lakefront.Here’s my air BnB listing for some pictures https://abnb.me/lggVYb60xvb

I still think looking for a TLC 2-4 unit can be a good idea to open up the ability to upgrade/renovate to speed up the equity position and tap into the ARV to pull your initial capital back out plus in most cases enough for the next down payment. 

If you aren't comfortable talking to contractors, find a buddy that will join with you in that conversation - but be part of the discussion yourself.IMHO, $20,000 for the job as described would be great - if the contractor was quoting a price to the Department of Defense :)Note that if the sanitary sewer is on the other side of the street (and your sanitary lead is broken under the street), that's a different conversation.Best of luck!

The cost is prohibitive to make them fully compliant by adding ceiling height, windows, doors, electrical upgrades, plumbing upgrades, etc, but the city is also aware that it can't lose all of these truly affordable housing units.