Multiple improvements done on this duplex in 2021, including new roof, gutters, flooring, drywall, electrical, appliances, and heating/cooling unit for the second floor.

I am living in it to make some improvements to increase its rental value.

This is where I think it's important to improve condition and curb appeal, because that condition/upgrade premium could be used as support for an asking rent that is closer to the payment standard if nearby comps are lower quality and have lower rents.

But if you do need to improve the property to increase the value, then we want that work to be completed so we get the full After Repair Value (ARV) on the home.  

So in theory it can't be a LTR if we move out someday, but a lease naming a tenant as "manager" probably gets around that.I've thought a bunch about how to improve the property's cash flow, and there's lots of marketing and operational low-hanging fruit before we get to capital improvements. 

I am interested in making connections, learning new ideas on how to improve our properties, offering help where I can, and of course, finding more properties. 

Here’s the plan I’ve come up with, and I’d love to hear your thoughts on its feasibility, potential risks, and any improvements you might suggest.The Plan1.Pay Off Mortgage: I currently have $170K left on my mortgage, and my goal is to aggressively pay it off in the next 1.5 years.2.Establish Emergency Fund: Before making any big moves, I’ll set aside 6-12 months’ worth of expenses as an emergency fund.3.Extract Equity: Once the mortgage is paid off, I’ll pull out the equity from the property.4.First Flip: Using the extracted equity, I’ll purchase another house, fix it up, and sell it for a profit.5.Reinvest Flip Profits: Instead of buying another property immediately, I’ll use the profits from the flip to renovate the original property, aiming to increase its rental income and appraisal value.6.Reappraise and Extract Equity Again: After renovating, I’ll get the original property reappraised and extract additional equity based on its increased value.7.Purchase Rental Properties: With the additional equity, I’ll start purchasing rental properties that offer positive cash flow and have growth potential.8.Leverage Equity Strategically: I’ll use equity from the original property and any new properties while maintaining a healthy loan-to-value ratio (LTV), ideally around 70-75%.9.Build Rental Portfolio: I’ll focus on acquiring a mix of property types (e.g., single-family homes, multi-family units) to diversify my investments.10.Focus on Cash Flow: I’ll prioritize properties that generate consistent positive cash flow, ensuring that rental income covers all expenses, including mortgage payments, maintenance, and management fees.11.Long-Term Hold: I’ll hold properties long-term to benefit from appreciation and tax advantages.

Here's a breakdown based on your examples:Carpet, Vinyl Flooring, New Toilet, New Vanity, New Tub: These items are typically considered assets because they are permanent improvements to the property that provide lasting benefits.Plumber Labor for remodel: Labor costs for installation or repairs are generally categorized separately from materials.

Currently we have a home improvement/remodeling company, so the construction piece we have including many sub crews.

There is also the equity pay down which varies depending on a lot of items (rate, years into loan, LTV, etc) but starts (day 1, improves every month), even at the current higher interest rate, at ~0.15% of purchase for 80% LTV.