(Today's tenants need LOTS of grounded outlets, and many expect air conditioning or at least nice ceiling fans) Update your cabinets (or faces) and fixtures, the tub and surround (at a minimum reglaze), some paint and floorcovering, and now YOU can expect 20+ years of pretty trouble free service.

If you have passive income you can buy your time back.You need cash and equity in your property to have the margins to weather temporary downturns or unexpected repairs.

Pay particular attention around switch plates and outlets and around door frames and corners.

There are unexpected expenses that come up.

You need enough reserve funds to carry you while you wait to sell completed properties and for unexpected items that crop up during a rehab.You also need to establish relationships with Hard Money rehab lenders to finance your deals.

If you are not counting on that $198 and could handle months with vacancy and other unexpected expenses then it is probably a good idea.

For me I found that it is easier this way because we constantly have projects waiting to get started I try to plan that no more than 2 weeks before the next project is started usually less than 1 week but you know how things go.With a general contractor the will bid the job do the job as they are working on other projects as well and then when things they quoted you are done thats it, it doesn't matter that the doors need trimmed because the carpet and pad are too thick, that the outlets need to be changed because now they look bad on a freshly painted wall, if it wasn't in the original qoute it is extra and they may not be able to get back to it for 2-6 weeks as they are already scheduled for their next job.

I did tile, grout, refinished and installed cabinets, installed fixtures, GFI outlets, drywall, paint replaced rotted wood, and removed old caulking and put new caulking.

Pad your budget and leave room for unexpected things, as they always come up!

Unexpected expenses happen all the time so well done on the overall number.Good luck.John Corey