We just finished two single family homes that were in very good condition when we bought them and we still spent 25k on one and 35k on the other on cosmetic upgrades.

We're generally buying for $60k and putting $25k into a cosmetic rehab.

Ideally, we'd like to buy multiple properties this year and do minor cosmetic work if needed but since we're all remote, we can't do any flips.

The pros: - not having to do a major renovation from out of state- easier to get a conventional loan since the house is livable vs. a distressed property (would need to pay cash, do a hard money loan, some other type of financing)- can get a tenant in quicklyThe cons: - you don't know how good the renovation is, could be cosmetic without addressing underlying safety issues (plumbing, electrical, foundation, etc). - a home can pass an inspection but once someone is living in it and putting daily stress on the house (turning faucets on, light switches, turning on heat/AC etc), things can start to malfunction.

I'm also hoping to find something that is ideally under market value that needs cosmetic upgrading so there is some value add.

If I'm doing a mostly cosmetic reno on a home including a new roof, what order should I tackle task?

Shoot for something that is outdated and needs cosmetic repairs.

Purchase price: $200,000 Cash invested: $15,000 Sale price: $260,000 Purchased a cosmetic flip, invested about 8k in repairs, and a couple thousand for using a HML, listed on market and received multiple offers all above asking price.

In addition to all new mechanicals and cosmetics a portion of the rehab will focus on upgrading the current landscaping to enhance privacy.

But many others, especially traditional layouts that need updates, even easy, cosmetic ones that have dark paint, old carpet, appliances, etc., are just sitting, so you won't have as much competition there but may have to take some time to update.