Average rents for the 8 units are $685, but i was told the average rent should be about $740.Hopefully this helps paint a better picture.Thank you- Joey

Just painting could gobble that 5k up (unless you did yourself) same with flooring...

You need to also take care of the following. 1.Fixing up a vacant rental so it can be rented out again.a.We had handy men to do most of this, but with 40 rentals my husband and I had to pitch in a do the labor ourselves as well.b.I would paint the house and garages.c.Husband would fix the repairs inside2.I would take care of the tenants.This entaileda.Taking care of advertising the homes (usually we had more than one vacancy at a time)b.Taking phone calls and screening tenantsc.Scheduling open housesd.Staging the housee.Interviewing the applicantsf.Making sure I double checked their application formsi.Criteriaii.Employersiii.Verifying funds and income3.Typing up the lease and making sure they understood the lease4.Then making sure the Tenants abided by the lease agreement5.Paid their rent on time6.And sent that Notice to Quit for Non Payment of Rent the very first day rent is late.On top of that I did my own evictions and I never lost a case and I dealt with the 36th District Court in Detroit.I won because I covered my butt by having everything in writing.I documented everything.Every phone call I made to them and every phone call they made to me.I never complained to a tenant because they called regarding a repair.I listened when they told me they couldn’t pay their rent, but even though I understood their problem, I made them pay their rent anyway.Landlording is about making tough decision and doing things you don’t like to have to do.Landlording is a Business.You have to not LOVE YOUR HOUSE.I can’t stress this enough.If you don’t know or understand that this is a business of evictions, damages, and injustices, and fixing this house up over and over again, you aren’t going to be happy let alone successful.How I wish I could be there for every new investor to help them understand what it’s like to be a landlord BEFORE YOU INVEST.But I can’t and that’s really a shame because it something every new investor should dig into before they invest.One last thing.

Obviously there is a limit to what you can do to make the deal work but when I tell other investors about the house and what I am doing to it they always ask why I don't just paint it and put new flooring in only.

People pick where to live because of location. as a past realtor and current Painting contractor I can say don't ask would i live in it ask who would and what do they need. always put yourself in a place where it is easy for you to help. ask where do i need to go how can help then when can I start.

Fixing the exterior, painting the interior, fixing the kitchen and the floors. 

Leave, paint, or demo and replace?  

In the side im renting out I've put in new lvp flooring, painted everything it looks great but I'm trying to decide if I should put all new cabinets and counter tops. 

Your repair budget looks weird, you have money for exterior siding, painting, garage, etc. and this is a condo.Initial closing costs of $450 seems low?

One unit is in good condition while the other will need new flooring, holes patched and a full interior paint.