Let's take a real example: I'm renting a condo 2bed/1.5bath for $925/mo right now - it's listed yesterday.The owner bought it for $17K, invested $5K - new cabinets, flooring, HVAC, HWT, paint.

As @Nolan Martineau stated, each property will have different Capex due to age of furnace, water heater, roof, AC, cabinets, etc. etc, etc. 

We spent a few month making it very modern and attractive - moved W/D upstairs, new appliances, removed walls, refinished hardwoods, granite, new cabinets etc.  

New cabinets, floors, doors, trim, windows, light fixtures.

Possibly see if you can reroute the gas line from where it currently protrudes from the slab by running it along the wall through the studs or along the interior back of the cabinets.

They were in the upstairs bathroom cabinets (and possibly the wall behind the cabinets). 

Above is a cabinet that does not close.

In my case, it's what's in the holder, plus 2 in the cabinet. 

@Tom HurfordThe house is 2400 square feet, brick. 4 beds, 3.5 Bathrooms, University Heights, OH (near Cleveland)ARV: $240K-$260K Initial Budget was $58KBid from contractor: $59KMaterials I am providing: $16K (incl 2k contingency) (in bold below)Rough Scope: Landscaping (clean out window wells, remulch beds, trim bushes and trees)- L: $1845Masonry ( Tuckpoint Chimney, Tuckpoint exterior masonry around porch, powerwash brick) L&M: $1200Windows (Replace 16 Windows): L&M:$3600Roof (Inspect Slate Roof): $150Gutters (Replace all gutters): L&M: $1200Deck (Powerwash and stain): L&M: $500Front Porch (Scrape and Paint Iron Railings): L&M: $100Exterior Lights (5): L:$100, M:$200Kitchen (Complete upgrade, counters, cabinets, tile floor) L&M: $11,000, Appliances: $3,000First Floor 1/2 Bath (Complete upgrade,): L:$2000, M (supplied by me):$550First Floor Master Bath (Complete Upgrade): L:$4500, M (supplied by me):$2400Second Floor Main Bath (Complete Upgrade): L:$4500, M (supplied by me):$1800Third Floor Main Bath (Complete Upgrade): L:$2000, M (supplied by me):$1600New Entry Doors and Lockset (3): L:$300, M (supplied by me):$1025Finish Basement walls and ceiling (Frame, drywall, and Trim, 400 sq ft) L&M:$10,000Finish Basement Flooring (LVP): L:$1500, M (supplied by me):$1000Refinish Hardwood (1300 sq ft): L&M: $5000Electrical (Replace outlets, switches, faceplates, interior lighting): L:$1100, M (supplied by me):$1026Paint Prep : L&M: $600Paint Interior (floor (basement), ceilings, walls, and trim): L&M:$5000Exterior Painting (Garage door, house/window trim): L&M:$2500

So if your end product is 40k  lets break it down.. not a sales pitch or what you want to hear.your turn key company or provider is going to want to make at least 10k.. that's common in the industry.. that leaves 30k to do all this... your contractor putting it all together wants to make 3 to 5k.. so that leaves say 25k to put it all together.to have a sustainable rental.. you need New mechanicals new roof.. sewer scoped and replaced if needed up graded plumbing and electrical.. new paint and flooring.. cabinets and appliances and hot water heater.. this all cost at least 15 to 20k.. leaving you to pay 5k for the asset...