In either case why be cash neutral on any property assuming there is an alternative.

CF neutral but below market value enough to be an equity/balance sheet play.

Removed old floor tile ( dark green ) from kitchen, dining and utility room and put in 18†neutral color Tile.

The property with the real bad refi appraisal was about cash neutral when purchased but I purchased it because 1) I knew it was priced below market ($40k below according to appraiser but I believe over $50k below market) 2) it had forced appreciation opportunity as neither unit had been rehabbed and the property was built in late 1960s 3) with the current interest rates there was significant monthly principle pay down 4) I was fairly confident that the market was still going up (I am less confident now).  

The higher grade 12mm LVP (in a nice neutral color) should last a long time though so perhaps paying up front for that installed is better. 

Landlord does the decorating - which will be bright and neutral. 

Please look at this example:Beautiful Mansion in PA, bedroom community for NJ and NYASKING 750000Rents: TOTAL 88,800/yr1,200, 600, 1,100, 900 for apartmentsa vacant apartment for 1,600 and a vacant commercial space on first floor for 2000, both of which were occupied by the previous owner for years, so I don't really know where they got these last two numbers. because of this, I estimated to be more like 1,200 and 1,500, which would TOTAL 78000/yr more realistically I thought.Expenses: TOTAL REPORTED BY OWNER: 30218tax 16,450insurance 4,818water/sewer 4,470gas 273lawn/snow 3,897trash 1,020I ADDED 26,640for 10% VACANCY, 10% MANAGEMENT, 10% CAPEXTOTAL OPERATIVE EXPENSES: 56,858NOI: 21,142  (31,942 if I use his 88,800 NET INCOME)CAP RATE: 2.82%MORTGAGE SERVICE: 51,588 with 20% down loan 600,000 at 6% for 20 yearsMeaning I would have to pay out of pocket 20-30K per year just to cover the loan.For the Mortgage service to match the NOI and be cash flow neutral the price would have to be 312,500 (or 468,750 using his proforma income).I can provide more examples like this, but I think the point is made...

Again, they are "in" right now, but they should never be "out" as they are very neutral. 

If the carpet is old, replace it, if the paint is chipping or ugly, throw something neutral on it.

I'm at the end of my first tranche of leads through the Featured Lender program and wanted to post an update.Here is a breakdown of the 25 inquiries I’ve received from the Business Finder or Business Directory:Negative: 12No response: 3Deal died: 1Didn’t Qualify: 2Other lender/rate shopper: 5Wrong Product: 2 (wanted HML or bridge loan)Neutral: 12Long play (may buy within 12 mo): 11???