I just put in $20,000 new sliding, $5,000 new electric box and wirings, carpet, water heater, new paints, new fridge, new vapor barrier and insulations.

During the last crash this town was highly insulated as well, simply because the military makes up about 15% of the total population here and they won't have any negative job ramifications and that stability trickles into the market. 

Joe,  it's funny,  but you gotta put some insulation in that house.  

If it's attached , then you have to make sure it has the same heating and insulation component as in the main room. 

The upside I see is that If you held for some time in OKC and we stay as insulated to recession as we are now, it's a perk that you could pull from equity here when everyone else is scrambling to get financing.

I like to take this approach with each one of the different scopes of work, plumbing, HVAC, electrical, structural, drywall and insulating, flooring and tiles, cabinets and countertops.

If you find a great deal that you can afford, you are insulated to some degree from the short term market fluctuations, and can afford to hold through a downturn to make it to the longterm, which looks beautiful for investors in SoCal IMHO ... and if there is no short term dip your ROI is even better by doing things this way ... heads you win big, tails you win small. 

And insulate the pipes.

Insulate all the walls and ceiling, add electric, drywall to be installed and a building permit.A detached garage will have many of the same issues.  

The scaffold builders and insulators tend to have Spanish as their primary language.Decorate that room like Hugh Hefner would.