As we all know inspectors can be your worst enemy, they don't have to be your friend but you want to stay off their immediate radar..Code upgrades are usually only required if you pull permits.. to do upgrades,, but if for instance they do a yearly inspection and find you need GFI outlets in bath and kitchen you'll need to comply and get it taken care of.. along with what else they pick out that needs replacing or repair, once the door is opened up they have the right to write fix it orders until it's in good enough shape to comply with living standards.1. parking for your tenants.. forcing to register cars..

House is a 4b3b, needs bathroom repairs, maybe kitchen UPGRADE.

Then ask for some comps that have the "upgrade renovations" that you're thinking of doing.

If the walls are already open it's a simple and affordable upgrade that can make a big difference for a potential buyer in a higher end market so I say go for it.

I bought my first SFR this year in Arizona and have been doing small cosmetic upgrades to the property.

They are paying to use it, as "was", meaning when you rented it to them plus any repairs or upgrades you promised in the lease.

This is tough if the condo does upgrades every seven years.

Nothing major for electrical though, the panel is upgraded and nothing major is being moved.

If you can purchase  a multi unit residence with an occupancy rate of 75% or less (as an example) and reposition the property by removing problem tenants and replacing them with quality tenants,  upgrading the property strategically, increase the occupancy rate to 95% and increase the rents to fair market value or better, then you have a gold mine!  

We will soon be closing on a property in Marion, Kansas and we will need a good, professional, reasonably priced bonded and insured electrician for several tasks needed for compliance and upgrades.