The carpets and appliances will be upgraded once the current tenant moves out so another $5kish this Dec. or possibly next.

One thing you seriously have to consider is whether the turnover/vacancy involved would have a big impact on your bottom line - for example does your property manager take 1/2 a month rent to find a new renter, how much would you spend in cleaning/paint/carpet/etc between tenants and if it is a cheaper property in the area, are your tenants going to maintain the property well? 

@Samir Shahani, I agree with your reasoning, but generally places that rent for more do have nicer finishes and would require more expensive items (countertops, flooring, grade of carpet, etc).

Luckily the property does not have carpet in it.

After some landscaping, carpet and paint, handyman work, professional cleaning, and photographs, it cost me 3.7k.

I've been a longtime lurker, but this is my first venture and post, really need help/advice.I've been under contract to purchase a 2 flat in the Jeff/Portage Park neighborhood of Chicago, it was a not approved short sale (we have now received approval, we have 30 days from today to close)It's a standard 2 unit masonry home, with finished basement with an illegal unit, and a recently renovated one unit, other has original finishes w/ new carpet. ~1000 sqft each unit 2br 1ba.

It is mainly carpet in decent condition, eventually I would want to change it all to hard floors.  

@Jared Skov I'm in the South.  3 units need carpet and and all 4 could use fresh paint. 

Is there a ballpark sq ft cost to do a simple clean, paint, carpet etc?

But anyway, it burned part of the dry wall and charred some of the carpet.