We have had some inspections done that suggested expensive repairs/upgrades and we've just been saying no.

Many other upgrades done to force appreciate.

What you want to avoid is expensive upgrades that don't add value to the home, like 18K for fencing.The good news is the appraisal will be done based on the building plans and the value will be subject to the completion of the home.

Upgrades to the house, improved kitchens, bathrooms and the like will yield a return when you sell of course.Getting into STRs on the cheap has gone the way of the dinosaurs.

Does the cash invested include any repairs/upgrades?   

With occupancy rates consistently above 95%, Old River Place is well-positioned to meet the growing demand for rental housing.Bascom plans to upgrade unit interiors and enhance the property’s exterior and amenities, offering affordable yet desirable housing.

The house does not need much to have it rentable but does need serious upgrades to be a top property in the area.

I can't imagine doing this remote.At the moment we rehab and upgrade our older rental properties.

On the other hand, families or older tenants might prioritize comfort and be less willing to compromise.Property Upgrades: Consider whether you have room in your budget to install central AC down the line.

@John BertolonIf your goal is to have tenants move out so you can do renovations I'd hold off on doing upgrades unless they lead to higher rents.However, if you want to keep the tenants and the repairs are inexpensive and beneficial long-term, it’s worth doing because vacancies will cost you more.Replacing items like appliances can be costly, so if they're working well, I wouldn't address those kinds of requests.