In the commercial space you can boost the value by either lowering expenses or adding some other monetary value i.e. coin laundry, storage fee, parking fee etc....

I'm considering renovation because it could dramatically lower my taxable earned income, which doesn't show on the property cashflow itself.

Each of these variables will dramatically change the advice I give the individual asking me this question.

As the days get shorter and the weather gets steadily colder, homeowners across the country will see their power bills increase dramatically.

For a full rehab (new roof, new windows, new wiring, new plumbing, new kitchens, new bathrooms, & finishes throughout), I've been around $35 to $50/sf.So everyone's formula is going to be dramatically different depending on their market, property values, level of finishes, contractors, etc.Before you start to use someone else's quick rule of thumb or formula, you really need to understand the basics of estimating costs and putting together a scope of work.  

I brought this up in a recent REI meetup and I think it is a tool that can help those who might need to build some age of credit or give a boost to that score to help get that better rate. 

Each of these variables will dramatically change the advice I give the individual asking me this question.

Sweat equity will provide an early boost to ROI. 

@Darius KellarI would add:Always pay your bills on time and never ever be late- this will boost your credit score which is essential for loan qualifications.Live well within your means- drive a car used car that is paid off, live for free with your parents as long as you can, don't go out to the club and drop cash on food and drinks.Safe as much as your income, living situation and bills allow.Use this time to make a solid plan for your real estate investment journey. 

Each of these variables will dramatically change the advice I give the individual asking me this question.