If I'm buying old then that it becomes very important to understand capital expenses for upgrading plumbing, electrical, fixing foundations, etc and understanding the properties current condition. 

If you plan to grow, it may be worth upgrading from the excel spreadsheet now to save yourself the headache later. 

I’m less concerned about the small items, and I focus on where big costs surprises can come up (new sewer lines, breaker upgrades, galvanized piping, etc) so I can re-trade my offer appropriately.

Some of my most beautiful houses were bought as condemned houses and I completely upgraded the house.

I can't tell you how many properties have units easily convertible from 1 bedroom to 2 bedroom units, units with favorable dimensional standards which can boost rents with no photos to showcase these attributes, assessment square footage that is not correct,  upgrades not identified in the marketing materials etc.

As a beginner you will just be at the mercy of whatever price the contractor wants to charge you on the renovation because you likely wont have the option of a cost conscious contractor like I’ve got.

I do agree that mechanical upgrades are a good idea if necessary, those are almost always a safe bet for ROI and resale-ability.

Be conscious of people's time and be respectful of the work your loan officer/broker is putting in to get your deal to the closing table.

Hello everyone,
I am pretty new to real estate. I know for a lot of investors it is common to want to hold onto a door for a couple of years then 1031 to a more expensive property to grow their portfolio.
Me being s...

I really am only holding the property until I'll get enough capital plus equity to upgrade to a better duplex in the future.