Part could be categorized as vacancy, part repairs and part capex if a major component is upgraded.

So, a week ago I finished upgrading the duplex I purchased August 6.

The reason why it’s so expensive is because of civil engineering and utility upgrades required in the street along with half street improvements and other unforeseen costs that you run into. 

The answer depends on your exit strategy and if you've improved the value of the property through repairs, upgrades, etc...

You should find a great deal, force some appreciation through renovations... upgrades to mechanical systems, roof, cosmetic improvements, then refinance.

Trying to decide if it is worth it to upgrade to Premium or if Pro is sufficient?

Purchase price: $157,000 Cash invested: $40,000 - Bought it for 157k with the sellers cutting me an 8k check at closing to go towards repairs and upgrades. - 20% down plus closing costs and repairs was roughly 40k- Currently renting it out for $1400/month- cashflows roughly $500/month before cap ex., vacancy, maintenance What made you interested in investing in this type of deal?

It was very outdated, had no heating/cooling and we probably went overboard with upgrades... but it was 5br's which we saw being appealing to multi-family vacationers.

Just find the deal and plan on upgrades based on the year. 

This home brings lots of character and tons of upgrades including: New HVAC, roof, energy efficient windows, flooring, bathrooms (with tasteful vanities and Italian plank tile), upgraded plumbing & electrical...etc.