Without having to spend a dime on any physical upgrades we will drastically turn the NOI around.

For example, the duplex I bought in January has brand new HVAC on both sides and 3 year old roof, and upgrades to interior 3-5 years ago.

The most recent project I completed was epoxying my basement bathtub and replacing a bunch of broken tiles.

It usually happens over the decades when a locality upgrades a computer system and/or they change their parcel number scheme and it slips through the cracks so to speak... or on lots that have been held for a very long time, ie pre-computers... there are these 1/8th, quarter or half lots that are basically not "buildable" on their own... they are thought of as attached to the parcel next to it that usually does have a structure of some kind, but they are taxed separately. 

So a 100 unit apartment will be $25-30k to ensure you have money to fix big ticket items such as roof, HVAC, etc.And I'm not talking about the capex to fix deferred maintenance or to upgrade your property to match the surrounding comps.

Let me first provide a little context on where we are at with the deal and the overall condition of the property.My intention: Primary residence- 2 yrs, then rentalLocation: Denver, CO (Very high growth neighborhood, this deal was almost all dumb luck...)Condition: House is B Class, recently remodeled, 3br, 2ba, huge yard, carport, shed, new roof, everything about this house is above and beyond what I consider move in ready.Asking price:  $399,000Days on Market: 27My Offer: $375,00 (Accepted)Contingencies: Inspection, Appraisal and Seller allowed to live in the property for 9 months after closing while new build is being completed.The seller is in a position where they need capital to finance and complete the build that has already broken ground on their new home. 

Take 1.2M home and invest in some cosmetic upgrades to run the resale up to 1.8M seems to make sense.

The property rental insurance (landlord insurance) and my personal umbrella policy cover me for my current involvement in my properties.We discussed liability, slander, libel, broken legs, dog bites, defamation, etc., as it applies to being a landlord.

In many cases buyers want to do their own updates, so they won't give you anything additional for the "upgrades". 

You can then decide what needs to be repaired/Upgraded up front and what can be deferred.