--------Something fun and somewhat random at the end: Tim Smith from Coldwell Banker is an agent who specializes on ultra luxury properties in CA - clients expect a promotional video to be produced for their 25 million dollar home and they are usually professionally produced, but this one blew it out of the water: its a music video based on the classic "teach me how to dougie" and went viral! 

We don't have the luxury of investing the way previous generations did.

 My experience with using luxury vinyl planks for three years now has been disappointing.

That is almost one third of builder-grade construction cost in Texas, which are around $120 to $165 per sq foot,  and down to as low as 1/5 of the luxury market, which is  $200 to $300 per sq foot. 

A friend who owns a tile shop said contractors are quoting $50k for a replumb and luxury tile shower.

Look into LVP luxury vinyl plank.

So basically, you cannot turn an average building into luxury apartments and raise rent by $1000 for individuals who live there already but you can make some money.

I’d like to do luxury vacation rentals, airbnbs and private landlords.

Furthermore, on a luxury investment property, the right coverage is essential to protect the asset and mortgage liability. 

@Kar Sun I totally understand where you are coming from but as a property manager now for luxury apartments, a $400 hike is pretty extreme.