For cash-on-cash evaluation of rental properties, it is critical to identify ALL of  your acquisition costs. 

Is just the fact that no garage could be a no go for some buyers enough to build it even if it only raises the value by the actual cost?

Renovations can cost more than you expect, add 10% to your overall number.

The total cost including construction and permits (but excluding the land) comes to about $2.14 million.

I have found that they worked really well when it comes to getting better tenants and better rents, and having less hassle, less headaches, and then getting a higher sales price; without paying closing costs or realtor fees.

By carefully managing the scope and cost of renovations, you can maximize the return on your investment.3.

You can start to educate yourself on the individual components; how much does it cost to paint on a per sqft basis or what is an average kitchen remodel.  

if there is appreciation, but you wouldn’t sell your current home tax free and buy a neighboring home to rent out, (There by raising your cost basis for additional depreciation and lower capital gains tax.) then it probably doesn’t make a good rental property. . 

Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.

Any tips on balancing renovation costs with tenant expectations when preparing a property for midterm stays?