If all the other houses have some decent upgrades for the same price, yours could sit longer.

The ARV is $140 to $150 after the kitchen/bath is upgraded.

We're going to have to do some upgrades to the unit to get the next set of tenants so we're currently saving up to be able to do that before we stop renewing their lease.

If you're going to get rid of the rental then does the upgrade provide $2-3 return for every dollar spent? 

You should also be asking how to get rid of them in the event you decide you are interested in upgrading the property.Study your state landlord tenant regulations and you will find most if not all the answers.

Bought and rented foreclosed properties in the past, but now focused on buying, upgrading/renovating, then selling distressed properties in Central NJ.  

Here is a part of the letter, I sent to the seller:The home inspection was completed on September 29th (please see attached) and the following issues were pointed out: 1.The wooden floor frame in the middle unit is deteriorating due to either prior water leak in the bathroom or due to moisture infiltration through the walls and foundation.2.There is evidence of significant settlement under the middle unit bathroom and north closet.3.The settlement of the floor and walls has also resulted in settlement of the roof frame above this area, ceiling shows cracks.4.There is an obvious depression on the roof – water is ponding on the roof above the middle unit, which adds excessive weight on the roof and potential for leaks.5.Asbestos containing material has been found.6.The current bedroom heat installations in the north and south units pose a safety hazard from carbon monoxide, fire and oxygen depletion.7.An electrician performing upgrades did not use ‘arc fault breakers’ in the north and south unit breaker panels, which is required by the national electrical code.8.Upgrades to the electrical system, promised by a real estate agent, have not been completed yet.

Gross Rent = 8832I went with $800 per month even though similar homes go for $750 this home has had upgrades to include wood floors and new carpet.I used a 8% VAC.2. 

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They made the investment to house a group for the RNC, so the investment in furniture, upgrades was made.