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.

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

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. 

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.

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.

exterior paint and landscaping?

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

We overlooked a detached garage (major turnoff for buyers in our price range) and a chimney which required significant exterior and interior work (to the tune of $6000) that was found on inspection.

Paint, Interior, gutters, exterior paint, trim work, doors, fixtures, hardware, again all cosmetic. 

Love the exterior color!