I plan to replace flooring and repaint the interior.

You don't have a lot of painted areas, so consider repainting the place. 

I think the owner, who's pretty laid back, would suggest we hire a handyman and patch a few places, re-paint and fix the fixtures that were burnt out, and he would think he could get it all passable for $3-5k.

.- updates include:- replace a broken window- add in-unit washer dryer- remodel kitchen- update bathroom- estimated budget: $20,000Unit 2 (3 bd/ 1 ba): Currently Owner Occupied - Rent for 1700- updates include:- update bathroom- re paint to match the unit below - unifying paint colors across all units seems to be a good idea- new door and closet in the third bedroom, currently configured as more of an open office-estimated budget: $10,000

If paint is peeling and you don't repaint (you wouldn't need to hire a "me" to do that, you can do it yourself as long as it's done in 30 days) you could be held liable because you were negligent.

Even if an item would ordinarily be repairs - like repainting - it is still not deductible until the property is placed in service and should therefore be capitalized.Then comes an exception per the Tangible Property Regs that allows de minimis expensing of items that would normally be capitalized and depreciated, as long as each item is under $2,500.

It only needed touch up but the prior paint was flat and it was advised that I repaint with semigloss to avoid similar wall paint cleaning issues in future.

He posted another note saying that the trim paint is peeling and has to be repainted :) The house is actually in a better condition then my own home.

Repaints 2x at 1k.

I am currently renovating this 2nd house: removed carpet and refinished original oak floors in walnut, repainted whole main level, gutted bathroom to the floor and joists, etc.