If the home is 100 yrs old, I'm assuming it's a definite gut which is going to require new plumbing, electrical, heating, cosmetics.I spent about $140K reno on my multi family in the heights on NY ave and there were massive problems with it but it was a gut to 3 units & adding 2 bathrooms, 3 brand new kitchens 4 bathroom reno in total, all new flooring, sheetrock , insulation, framing, doors, electrical, plumbing, paint, parts of roof etc.

Why pay rent when your landlord gives you free housing, free maintenance team, free mortgage, free electricity, free water, free trash?

@Dean Malka 10k for average kitchen and 5k for average bathroom Flooring is $4 a square foot for LVP HVAC $5k Electrical panel $2k.This is all ball park.

Very early in the tenancy he made reference to a divorce that made money tight, when talking about an electric bill. 

You're asking someone to spend a lot of time and energy to share what they've spent years - maybe decades - learning and developing.

I have been interested in REI for 7+ years, have been a landlord for 4+ years, but in all reality, if I put all of that same energy back into my work career instead, I would probably be financially further down the road.

In the Parlor floor we added a large-ish kitchen with electric oven and cooktop that goes to the sub-panel that belongs to the Parlor floor, making it a nice 800ft 1 bedroom apt, with access to a shared backyard.   

Finally, I would like to thank everyone else for your replies I know I expressed gratitude in each of my replies but honestly thank you, everyone, all your replies were beneficial, obviously I am just at the tip of my endeavor but I am going to now focus all my energy using the great opportunities that have been laid out for me using the feedback everyone in this forum has shared!

We focus on CapEX before beauty. as a realtor we understand selling or renting homes you have to make the home function, Roofing, windows, electrical and plumbing. after we address these we focused on beautify making sure the upgrades match the area and is forward thinking with color scheme, flooring, and flow.

For example, we might use renewable energy initiatives, grants, or government programs to offset costs.T