Im in process of upgrading all of my hot water heaters in my 16 unit apartment complex.

I read somewhere that back in June (when my trouble started) that they upgraded their pricing algorithm and now Zillow could essentially 'read' your pictures to tell how updated and modern your home was, if it had granite countertops or formica etc. 

I upgraded the entire property (inside) modern finishes sell!!

My brother and I bought a SFR recently and were curious what you have found is the best ROI for upgrades in the Denver area?

Our Bldg Inspector here wants all outside walls insulated to 'code' IF you open them up, plus wiring/plumbing etc upgrades.

There are some cases where cap rate is even lower if one of the few upgraded construction models that does NOT have the sheet metal sides and back and is in a strong suburban to urban core market.

Just had a couple of kids sell their farm & got nailed with $11,000 in NEW code requirements/upgrades.

We bought it for $50k, put $42k into it (which is way more than we would put into it as a normal rental, but we knew it was for my daughter so we put in upgrades we wouldn’t normally do). we rent it to her at the cost of mortgage, insurance, and taxes-zero cash flow.

You can also add air conditioning now or later relatively easily. if you want to add hot water baseboard the boiler pipes and time to install will cost you. if you want to do electric baseboard you might have to do service upgrade to support the additional circuits and amps they draw. 

But the property has the possibility to add 2-3 bedrooms on the first floor and increase rents to 2,000 if upgraded to five bedrooms, my dad is a contractor with 30 plus years of experience without looking at it he gave me an estimate of 14k-20k material and work included, depending on the wiring, flooring, etc.