The market around Gary, IN has been improving.

You gotta improve your value a few notches I think to justify 50%.

My question is why you want to bring it up to code, other than just to feel good or improve your exit strategy?

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

We're improving units, management efficiencies and bringing rents to market value.

I was overwhelmed with projects at the time but paid $35,000 and sold two years later without any improvements for $125,000. 

University of Kentucky and Lexington-Fayette Urban County Government Land Swap: In 2018, the University of Kentucky exchanged 250 acres near its Coldstream Research Campus for control of several important roads in and around campus, contributing to economic development opportunities and improved urban planning. 

So, if your current rent roll is still on the lower side, it could limit the amount you can borrow right now.However, if you have even a partial track record showing improvements.. say a few of the units are already updated and attracting higher rents.. a lender might take that into consideration when underwriting.

Everyone thinks they can paint but there's a big difference between a professional paint job and a non-professional one (the latter usually actually damages the property instead of improving it). 

Improvements What was the outcome?