I would also want to know the basics of property when built, parking lots needing resurfacing, Why the owner has put them for sale.  

Cook has a great article on the Shenandoah Valley regulations, I'll let him resurface that feed. 

The kitchen gutted except lower cabinets & I resurfaced them, new countertop, new tile work, new sink, appliances.

Tim's construction company executed with an deep sense of ownership and responsibility..great partnering with both..Will be posting as we complete more projects in tacoma, Puyallup, Olympia and the whole southside..Property acquired: November 1stCompleted: December 12thHere is the deal analysis.Buying Cost: 113KClosing Cost: 5KHard Money cost (Points+origination + interest): 8KRehab Cost: 31KTotal Cost: 157KAppraised ARV: 202K Walk-in Equity: 40K+Rent : $1450Gross yield: 0.93%Among all the reno work -we changed roof, removed a large tree, paint and santitized interior, changed whole floor, cadet heaters and some electrical work, counter-tops, replaced some broken cabnets, resurfaced the rest, appliances, resurfaced the tub, all lights, plumbing fixes, dry-wall and yard cleaning.

Cosmetic updates, painting, resurfacing bathroom, fixtures, etc.

We are resurfacing the pool and will add the app control system for the heated SPA.

Renting a parking spot sounds very straight forward and I believe that this complex's HOA covers the snow removal and resurfacing of the lot.

Sewer line connection to the main is 15 feet below grade so there is a lot of excavation and then road resurfacing once the sewer line is repaired. 

In particular I like finding opportunities that need just a bit of work (interior paint, countertops, resurfacing cabinets, etc...). 

Keep working the numbers with different inputs to get answer that works for you.Side note, do a detailed market survey to support your thesis or it could blow up in your face and only test one unit at the beginning, for an apartment complex that is.On the granite, when I do this myself I am seeking effective cost when figuring project cost so I take the cost of the granite itself and then figure I won't have to resurface those counters again.