I always try to find one, or a couple, specific details in each rental unit that can be a bit "special" above the baseline necessities, such as stainless steel appliances, gravel/bark for landscaping, a thicker trim and nice trim/wall paint contrast, a better grade of carpet, or a brand new front door.  

Because the home was owned by a single woman with health issues, the home is in disrepair but not abused, other than her dogs ruining the carpets.  

It needs new carpets for all bedrooms and the living room and floors for the basement It doesn't have a refrigerator either.

She has lots of equity but wants to get top dollar for it even though it is almost all original and needs paint, carpets and repairs.

I paid $32,500 for the house, spent $6500 on windows, paint, and carpet. 

Your lease will have more or less depending on your needs.Steam Cleaning: I require the tenant to professionally steam clean the carpet upon move out and provide the Landlord with receipts.Professional Cleaning: Tenant is required to return the house in the manner such that it appears to be professionally cleaned.

It needs paint and carpet in two of the units, and one unit could use updated appliances.  

It doesn't "need" the repairs, but nicer carpet and better drywall/paint/lighting would improve the marketability of the units.The $1500/mo is net profit, after all costs.As far as permits and contractors, they won't be needed, as I'm able to do almost all the work myself, with the exception of carpeting in three of the units.And I'm not sure what you mean by "debt coverage ratio"???

We need to tear out the awful carpet, but are debating real hardwood versus a wood-looking LVT (luxury vinyl tile).

But, being the newbie I am, I am questioning how to know if a bank will approve a refinance.The property does not (on the surface, no inspection yet) need any serious rehab, mostly fresh paint and carpet here and there.The property is almost fully rented and would generate positive cash flow from day one.What other factors might play a part in whether I'm approved for refinancing?