The house needs repairs and various upgrading that I will need to address.

First, the house needs to be well built and in great condition, so either new construction or upgraded inside and out with a reputable contractor who does great work.

Those costs to both shut down the biz to upgrade/replace and the cost of doing the work are huge capital costs. 

This involves upgrades to common areas, amenities, and unit interiors, which can be expensive.

I am sorry, I have 0 sympathies for that racket being broken.

This is what leads to the popularity of “live in flips” where you move in to the new property and spend 2 years fixing and upgrading the property before selling your primary home/flip tax free.

Ex: If a tenant calls up to complain that their drain is broken or running slow, or that a light fixture needs replacement, or to spray the Apt with insecticide, or to fix a broken door-lock or window frame, or anything of the like such as the fast repairing, touching up, painting & cleaning needed during a turnover between Tenancies...

I'm not telling you NOT to improve/upgrade the property, but I'd exhaust all free/cheap options to market it as-is first.

Cost me 5k, the upgrades were not unreasonable, and the electrical work included safety improvements.

I bought it with cash but months later got a HELOC on it for some upgrades & other expenses.