Most of the insurance, exterior maintenance, water/sewer, cable/wifi, furniture, smallware, included.

I am currently in a project making my fathers house ready to sell , 2000 sq ft house , 14 replacement windows , paint . 10 pre hung 6 panel doors , some framing lumber , 10 sheets of drywall some plumbing supplies and misc things and I am in close to $10K . ( NO LABOR MATERIALS ONLY )I havent done Kitchen , flooring , 2 bathrooms , or exterior needs paint and touch ups . .  

When I send out of state clients videos, I include about 1-2 min of the exterior and neighborhood, and my comments. 

The first impression is everything, and for rental complexes, the exterior is often the first interaction potential tenants have with your property.

We conducted a lot of exterior work as the interior had already been remodeled.

Your $1-$2 million properties are typically exterior properties, most are independent, others have a lower economy brand under a flag such as Econo Lodge or Motel 6.

The mostly cosmetic renovation cost was about $35,000 which included refinishing HW FL in both units, extensive painting on the interior and some exterior porches, brand new SS appliances in each unit, exterior tuckpointing updated electrical, and some minor carpentry and landscaping.

Since I only needed to add 2 partition walls (no alteration of the exterior or infrastructure) I was able to apply for the permit as an owner/contractor.

It pretty much needs to be gutted on the inside(except one unit was recently partially redone) and needs everything on the exterior as well. 

If you insulate exterior walls and run a heavy duty appliance such as a large window air conditioner the wire can heat up.