If the inspection goes well and we close (within 30 days), I want to move pretty quickly on painting the interior walls and trim, as well as furnishing the appliances.

On this one I did do some of the work, the insulation, repairing & replacing damaged hardwood flooring and some of the trim!

@Glenn Primack, having too much cash buildup is certainly one of the better problems to have with your business.Upgrades can be from a mild aesthetic upgrades (refresh paint on the trim / light posts / mailboxes), more expensive renovations (landscaping, new garage doors, new air conditioners in units that need them), or major projects.  

The floors are fine to be sanded and stained a lighter color but NOT the trim.  

Tenants hired on a landscaper, as it is their responsibility to trim bi-weekly and were paying monthly.

Basic updates in the bath/kitchen, paint, trim, flooring or carpets etc will make an apartment more appealing.

We changed the trim, paint, flooring type and other features at a slightly higher up front cost in exchange for durability and extended warranty.

Just be sure to say builders grade which is not any custon work ..formica counter tops , plain porcelain title , prefab cabinets, laminate floring , neutral colors ... you get the idea .. one why to really increase your profits on rehabs is to have a contractor do the major repairs and you or a handyman tackle the easy stuff .. laminate floors can be quite easy to install if your floors are level and trim is not installed yet .. painting can be done by a handyman ..tile work can be done also ..in some cases and some states these need to be done by a licensed contractor and permits need to be pulled .. it is different by each state .. if i saw that house with those pics, i would think your looking at at least $75-100k in rehab ( taking into consideration of Ca. higher construction costs ) it looks more like $35-50 in rehab here in Fl.

Then paint the soffit, cabinets and trim a nice white.

You dont know whats behind those hideous walls, new kitchen, baths, flooring throughout, trim, light fixtures, doors, electrical, plumbing, siding/paint, furnace, water heater, landscaping, plus holding costs, interest, insurance and the list goes on.