RISK vs RETURN.It is a balance based on where you are in your investing life cycle (maximize gains (higher risk),medium gains (medium risk with good returns),minimal gains (core assets that slightly outpace inflation).You have to ask yourself if you are buying on an appreciation play or sound financials (cash flow)??

A good PM should understand market rents, individual neighborhoods, and common lifecycle issues.  

Build the cost of replacements and upgrades into your purchase price.Real Estate has a 10 year life-cycle so invest in a property for at least 5 years and plan to sell within 10 years (you don't have to sell, but plan on the value peaking within the next 10 years and then "correcting" back to a lower price point).Live and die by the numbers.

A Laurel Oaks does not have the life cycle of say a Live Oak.  

Look at lifecycle cost rather than up front cost. 

Guys,In the life cycle of an investment there are a number of ways to make money on it.

On the other hand, you'll have lower per-unit acquisition costs and lower CapEx costs over the lifecycle.

A family of 6 with 2 two pets is a carpet lifecycle shortener compared to a single widow in her 60s who spends most of her retirement on cruises.Cleaning: I've noticed that regular professional cleaning really extended carpet life, even with the turnover impact, compared to my messier long-term tenants.

Most developments have at least a 18 month to 2 year life cycle so you might could do one with what you have and then 2 years later do 2 or 3 and on year four you might get 6-8 which would put you in the same place.

Last year we did 6 full HVAC systems (should replace 1-1.5 a year based on a 20+ year life cycle), and we did one complete gut remodel of a 3/2 last year.