The house needs new carpet and tile, appliances, paint, kitchen and bathroom cabinets and counters, exterior paint job, and light landscaping.

They had 3 large dogs.Every room needed gutting. 3 bathrooms and kitchen.Driveway in back (alley) sloped down at least 5 feet towards the attached garage.HVAC looked ok but compressor outside was covered in dirt.Hot Water heater looked good.Tons of paneling in living room.Kitchen appliances hadn't been replaced since house was built in 1983.Gables outside had lots of water damage but roof looked good.So I walked away from the property because of my analysis prior to the walk through.

You will certainly get a more accurate comp from an agent as we have MLS data to work from. there are many things not on zillow or trulia that can skew a property if not properly adjusted, in terms of leaving appliances, the car in the garage, non-arms length transactions and many more. 

Tiling: check the tiling and grouting to make sure that it looks neat and even, and that excess grout did not spill over onto the tiles.Appliances – briefly check your appliances to make sure that they’re in good working order.Cleanliness: Have the house deep-cleaned, so that it practically sparkles when you look at it.

Most tenants in D properties don’t pay rent, many evictions, a lot of drugs, guns fire, water heater and appliances are stolen, trash places etc...Materials are stolen when it is still under renovations.

Of course at the right price I wouldn't care about the appliances.

If you are putting stainless appliances , granite, and hardwood use the 80-85 dollar a sq ft for budget purposes. 

My uncle hasn't had much trouble finding renters in the past.The property has had a ton of rehab over the last year: new double paned windows, new exterior doors, new A/C and heaters, new plumbing (pex) throughout, new tile flooring throughout, some new electrical (all professionally done and inspected), new bathrooms, new fixtures, 4 of the 6 units have new cabinets, new appliances (stove, refrigerator, no dishwasher), shingled roof (less than 5 years old), new trim added to all the units, new paint both inside and out, had foam insulation added to the attic to help with the heating/cooling as well as protect the new plumbing that they decided to run through the attic, 2 new hot water heaters (each service 3 units), No structural or foundation issues, new water line from meter to the building, and not in a floodplainThe lot is quite big (1 acre) and is zoned commercial.

Replacement reserve typically breakdown into three groups, mechanical (electrical, plumbing, hvac), structural (stairs, elevators, roofs, windows), foundation ( parking, grounds, sewers).Unit replacements such as carpets, counters, appliances, paint etc..while capital expenditures, are separate from the calculations above. 

Keep it positive, highlight the improvements you are making, list up the appliance brands, mention that your renter receives brand-new kitchen appliances, covered by the mfgr warranty.