You may be able to receive $1400 a month depending on upgrades.

Once you acquire, you start your rehab, let's say you upgrade the kitchen and it costs you $15k -- you submit your receipts to the lender to show you paid $15k for the kitchen, and they send someone out to verify the kitchen is done.

Roof conditionFloor structuralPlumbing repairs and plan upgradesElectrical basics and plan upgrades.

Because, as you might imagine, a tenant turnover will cost considerably more than $225, but as @Thomas S. mentioned, the actual insulation bill for an attic will be considerably more than $225.Go to www.homewyse.com (I love this website by the way), select "Installation", then, "insulate attic" and see that their rough estimate range is from $1.59 to $3.08 psf (labor and materials), but then it depends on whether they are insulation batts, or blown in type insulation.In any case, if the existing attic insulation is inadequate, then maybe this "upgrade" might be warranted, regardless of how long the tenant has been there. 

Around here the gas are more expensive. and the gas company here seems to try everything they can to get you to replace almost every time they come and  want you to upgrade to the latest codes. 

Yeah, the housing is not up to the standards that you or I would live in, but you always have two choices:  Upgrade and charge more, or don't and charge less. 

One main thing I’m questioning is if I should upgrade kitchen with new appliance and hvac system.

Those are upgrade calls, where nothing is wrong but tenant wants to improve something.

I've looked at a number of properties lately where part of the value add is to improve amenities while also upgrading interior units. 

They get the same jobs every time we upgrade a unit.