I think the cost of renovation would be more than $20k with new metal roof, granite countertops, new floor, and new HVAC, etc.

He has adopted the buy and hold strategy where he upgrades the units with granite countertops, new carpet, paint throughout and W/D's, then just sets the rent at the rate of the (normally furnished) comps to set himself above the competition which allows him to find the better tenants that way.

Doesn't need permits:Mostly cosmetics such as, interior & exterior painting, interior doors,  trim, floors, replacing plugs light switches and fixtures, cabinets and countertops. 

So I didn't do a nautical or beach theme I did a highly upgraded tropical theme.Removed all carpet and installed tile, granite countertops with a brick backsplash.

I am definitely a little skeptical so please if you have any advice or experience with this please share your input.Property Details: Fully Renovated 3 Family Home For Sale, 5 Over 4 Over 2 Bedroom, 1 Over 1 Over 1 Bathrooms, All New Kitchen With New Cabinets, Granite Counter Tops & All New Stainless Steel Appliances (Fridge, Stove, Dishwasher, Microwave).

That depends on your market, but in general it means replacing countertops, updating cabinets, and replacing fixtures and appliances to what retail buyers (middle class and first time home buyers working with agents) would be impressed with and would be willing to pay more money for.

They might burn candles all over and ruin the carpets and burn countertops.

The resales all sell at (the last 2 years average) $150K and the new homes with all the bells and whistles, countertops etc, sell for $200K you'll show an average of $175K, despite the fact that the RESALES did not appreciate.Anytime you see real high numbers in TX it's (almost) always a case of lots of growth of new construction.Good luck with it.I've been investing in TX for almost 30 years, and I won't do any deal that doesn't give me at least 12%, cash on cash!

You don't put those countertops in that rental because you're generous, you do it because you think it'll let you 'sell' a higher monthly rental 'price.'

We don't have enough room to put in standard 2 foot deep counter tops, and a standard 30" range.