There is a lot of potential right now to purchase moderate to market priced buildings and invest in bring them to the next level.  20% to 30% rent increases with "luxury" upgrades are very possible.  

Hi everyone, I am a research associate for a nation-wide luxury residential development advisory firm, and a real estate agent in NJ.I am posting a simple sample transaction summary below for a 4-unit brick apartment building.

Hey all,I’m a long time multifamily investor, living in the northeast, that is looking to branch out and buy a couple of luxury short term rentals in 2022, specifically in Florida.

Quasi-Luxury Short Term Rental.

Eventually the builders will build too many luxury townhomes and condos but IMO the demand for affordable housing will be very tight for as far as the eye can see.

High cost luxury generally takes huge down payment to get it to cash flow.

The biggest value add were the full kitchen with taking out a wall to open it and adding a pantry, Tearing up the old tile and vinyl and laying new luxury vinyl water proof floors with beautiful tile in the laundry and bathroom, and also the full primary bath remodel with adding a standing shower, and the new exterior paint and landscaping.

However, the numbers appear much more attractive for the ultra high-end airbnb.   

If you want to lighten the look, just paint it a neutral color.As for the rest of the finish-out, if this mobile home is targeted at affordable housing, then you want to give the illusion of luxury without using expensive materials.

There are exceptions to that on the luxury side, but if you are asking this question, it's likely you aren't planning to do luxury flips right away.