Converted to central HVAC, new windows, paint, fixtures, landscaping, roofing, flooring, major plumbing improvements, and more What was the outcome?

It doesn't take too much to live with a great deal of creature comfort when you don't have to pay for a roof over your head!  

The following is from Stessa in regards to your situation:"The cost basis used for depreciation in this situation is the purchase price of the home plus certain closing costs, plus qualified capital improvements (such as a new roof or other renovations).

Furthermore, understanding the resident characteristics allows me to measure the target market and modify my investment strategy accordingly.Inspection ChecklistSituations vary from one property to the next, but here is an on-site inspection checklist to get you started:Interior Units:Inspect vacant units, including one of each finish out type (Classic, Reno, etc.).Check all down units.Inspect one unit from each unit mix.Exteriors:Landscape:Look for overgrown bushes.Identify trees that need trimming (no branches hanging over the roof).Take pictures of the following:Curb appeal on all sides facing the street.Landscape around the office and amenities.Overgrown bushes or trees.Any dead landscape.Areas that may need sod or mulch.Assess drainage:Ensure water flows away from building foundations.Check slope, gutters, downspouts, surface drains, French drains, etc.Exterior Walls:Determine the existing material (wood, vinyl, Hardie, brick, stone).Assess the condition of the walls.Note if painting is required.Take pictures of each building, including building number, each elevation (clockwise), and any breezeways or niches.Windows:Evaluate the condition of existing windows.Consider whether solar screens should be installed.Roof:Identify the type of roof.Assess its condition and age.Parking Lot:Check for potholes.Assess the need for restriping.Note whether the parking lot is concrete or asphalt.Evaluate drainage issues.Walkway:Look for tripping hazards.Assess drainage issues.Foundation/Gutters:Inspect for cracks in the brick.Check for separation in corners from fascia and trim boards.Evaluate drainage and identify poor drainage areas.Amenities:Identify possible improvements.Consider adjustments or additions that can enhance amenities.Talk to the Staff:Maintenance: Inquire about the physical condition.Office: Discuss current residents, delinquency, and potential changes to add value.Assess whether rents are too high or too low.Confirm rents and what is included/not included.Confirm other sources of income and associated charges.Confirm occupancy, pre-release, and vacancy numbers.Note: Maintain professionalism and avoid insulting the owner or broker, regardless of the property's condition.Keep in mind that investing in real estate is like solving a puzzle—you need all the pieces to see the big picture.

I purchased a 3/2/2, 1366 sqft rental home built in 1986 (roof 8-10 years, no pool, smoke alarm, etc) in May 2023.

I purchased a 3/2/2, 1366 sqft rental home built in 1986 (roof 8-10 years, no pool, smoke alarm, etc) in May 2023.

Or one of my favorites... the tenant reports the roof is leaking.

Our roofing guy has done 3 roofs for us and got many other jobs just by word of mouth recommendation.

Home prices shooting through the roof because, cheap-$ right.     

Principal pay down on that loan won’t cover you 10k roof or HVAC replacement etc.