My rules of thumb have been:- $650/unit for 2000s or newer and $250 for cap ex- $750/unit for 1980s-2000s and $275 for cap ex- $850/unit for 1960s-1980s and $300 for cap exThere is definitely some nuance here, but let's assume these properties have had "cosmetic updates" throughout, but have never been full guts.

All they did was cosmetic and patched the roof.

You buy cash, do a cosmetic rehab to force equity, and then refi out.

TravisIf I'm GC'ing the project and paying subs, I usually pencil $50/sf for cosmetic rehab, $75/sf for medium rehab and $100/sf for full gut as a starting point.

Most of the changes will be cosmetic and one needs a more work, so I want to pull about 150 from one of the houses.

You can make money self managing in good areas though at 25 down after cosmetic updates to boost rents, I have a building I only visited twice.

Main house performing mostly cosmetic renovations What was the outcome?

I see a lot of investors tear a deal down to the studs when they just need a cosmetic rehab, and then they are underwater on the deal and aren't able to exit without losing a significant chunk of money.

So getting access to those projects that are mostly cosmetic and the project costs are less than 70% ARV.   

This is was mostly cosmetic updates, with only a few walls that needed to be added and moved.