You could easily replace the uppers or do floating shelves without messing with countertops and then paint the lowers.

Value puts it 50/50 for deciding to do Formica countertops v. something more expensive.

The property had old dirty carpet, peel and stick tile in the kitchen, dated bathrooms and laminate countertops.

Here's some more numbers:I'm purchasing the property for $524k (3bd, 3 bath, 2100 sqft, built in 1985 in the NW Austin area)Estimated repairs: $30k (open one kitchen wall up, new appliances, new man made countertops painted cabinets, new vinyl flooring throughout, new paint throughout, remove popcorn ceilings.)ARV: 585kThanks all!

That's all new paint, floor coverings, electrical switches/receptacles, counter tops, light/fans, hinges, appliances, and cabinet hardware.  

New cabinets in kitchen and bath with quartz countertops, walls were textured and painted, fireplace has new brick facing. 

Kitchen: New flooring, new countertop, tile backsplash, added dishwasher.

I opened it up between the kitchen and living rooms, added shiplap to the ceilings, painted the cabinets (myself), and put in new countertops.

Which would have been fine, but we actually wound up installing new cabinets, the prebuilt ones that Lowe's stocks, and put on a new lamintate countertop, sink and faucet.

I'm going to rent it out without the garage (which I will retain for extra appliances/tools/countertops etc). and it should cash flow $500 per month after PITIHOA.Because most of these units are so new, and many have HOAs, my budget for repairs is lower than many people on the forums experience.