While the units needed new kitchens, baths, flooring, and paint, they were primed and ready for upgrades.

However, if the renovation significantly improved or upgraded the property, you might need to capitalize it as an improvement, depreciating it over 27.5 years.If this was STR, you could write off the improvement under bonus depreciation as well.

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Whether you're looking to continue generating income or upgrade to meet market rents, this well-maintained property offers both flexibility and value.

I'd recommend to first look at where you'd like to invest it to see if it's feasible or if you need to adjust your buying criteria.If you're not in the market for something new then I'd look into adding an ADU on the lot and upgrading the windows on the main unit to triple pane glass so that the noise doesn't bother your future tenants.

For quick math one month vacancy is almost 2k lost income, re-leasing expenses 2k and there are always at least 2k worth of work (sometimes just upgrades we choose to do).

Show some cherry picked comps and be specific on why the value should be lowered, making sure to site current condition if anything needs upgrades, etc.

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.