Have rehabbed and upgraded several times during its twenty yr rental history.

This can range from minor cosmetic upgrades like new paint and flooring to more extensive work such as replacing the roof or plumbing.

How long will it take to do the repairs/upgrades. 

But knowing its value is key for taxes.IMPROVEMENT VALUE:This is the value of all the upgrades you make to your property – like a new roof or an updated kitchen.These improvements can be depreciated, which means tax savings for you.3115:Filing this form can allow you to claim missed depreciation from past years.Basically you are letting the IRS know that you are moving from the standard deduction to an accelerated deduction.RECAPTURE:It's payback time!

. - Making sure their responsibilities and your responsibilities are clearly defined, giving heads up about workers coming in to do upgrades/maintenance, being proactive about renewals, deposits, strict about the lease agreement (but lenient when it makes sense), etc. has been instrumental. 2.

Look for opportunities to increase your income, like a higher-paying job, a side hustle, a new business venture, a new real estate investment, or something else.Avoid lifestyle inflation: As your income increases, you may be tempted to upgrade your lifestyle, but not everything you buy will increase your net worth.

Yes, I'm currently looking to find a property that may require some upgrades to add value and near lines for commuter to NYC. 

It would only be extra 100 bucks but we plan to upgrade flooring next year so its like we would also have to do it all again! 

After you do 5 of the same upgrade package you might be able to lower that buffer down to 20-30%. 

In other words whether it is considered an upgrade or downgrade.