This is our real estate investment firms first renovation from start to finish.Some of the highlights:- Converted deteriorated 3-season porch into covered deck- All new interior doors (closet doors were used where traditional doors should of been used)- New front door, front and rear storm doors- Repainted kitchen cabinets, new hardware, re-finished countertops (thanks rustoleum)- New Trafficmaster vinyl tile floor in kitchen- Refinished dishwasher with appliance paint- New Fridge and Range- Painted the whole house (Glidden Duo)- Cleaned up hardwood floors- New tile in bathroom and kitchen- Repainted and put new hardware on vanity (bathroom)- New hardware/locksets on all doors- Drylocked basement walls and unfinished it (water damage)- New carpet coming for basement (not pictured)- New electrical box, outlets, switches, light fixtures- New roof (house and porch)Too many pictures to post on here.

When I did the exterior site walk I noticed that the foundation is deteriorating.

The longer you hold it, the more it will deteriorate, the more taxes they'll owe, the less time they'll to use the proceeds of the sale to do something with.It just seems silly to think that the accounting rules for a bank favor them to sit on a house making NO payments than to simply foreclose, sell and move on as fast as possible.I don't care how it looks on their balance sheet.

Their tax base is deteriorating and so the prop taxes as a percentage of value are often wayyyy out of whack.

For the remaining windows, in less-conspicuous locations, I am considering installing new double hung wooden windows matching the style and compatible with the dimensions of the originals, for example: https://www.homedepot.com/p/JELD-WEN-33-375-in-x-4....Doors - The front exterior doors are deteriorated and the security doors do not match.

For example, the fence on House A, is starting to lean,   the eaves on House B should get Paint,  the windows on house C are deteriorating, maybe all should be replaced, etc. 

Remember Dollar General is typically flat for 15 years just like pharmacy (CVS, Walgreens) so the dollar value deteriorates over time and location is not great with dollar stores most of the time.So Dollar store might start out at say high 6 cap or right at 7 but it stays that way versus  a restaurant getting 2% increases over 20 years the blended cap rate is much higher for return and location tends to be much stronger.

Replace or replumb posts, columns, girders, and joists that have deteriorated.6.

Brandon did a blog post on this about a year ago: http://www.biggerpockets.com/renewsblog/2012/10/21/are-you-a-slumlord/Here's Wikipedia's definition along with Brandon's take:Wikipedia defines “Slumlord” as “a derogatory term for landlords, generally absentee landlords, who attempt to maximize profit by minimizing spending on property maintenance, often in deteriorating neighborhoods.”Brandon went on...The truer definition of slumlord, I believe, is “a derogatory term for landlords, generally absentee landlords, who attempt to exploit tenants and maximize profits by refusing to spend on property maintenance, often in deteriorating neighborhoods.”

That's $900 per year in reduced rent.The cost of the additional renovations should be about $5000:- Cabinets: $2000- Countertops: $1000- Bathroom Sheetrock: $500- New Toilet, Vanity, Faucet: $1000- New Tile Floor: $500The other stuff we'd have to do anyway, including kitchen floor (which is in really bad shape), tub surround (deteriorated and water getting behind it, causing mold), shower door (it's destroyed), etc.So, a $900 annual return on an initial $5000 investment ends up being an 18% cash-on-cash return.