I put in my lease that the property is being delivered free and clear of all vermin and rodents, and if the property needs to be treated for such it will be done at the tenants expense.

You may estimate the expenses of renovation for a single-family home (SFH) or duplex by following these procedures and tips:Make sure you inspect the property thoroughly.

Step 1 is getting your expenses to bare bones, next to nothing cost of living beyond the basics.

🏠📈 Real Estate Update 📉🏠Here's the latest market report from February 2024 (single family homes) 📊:🏡 Mortgage Rates:30-year conventional rate today is 6.97%30-year VA rate today is 6.55% 💵 Median Sales Price: $460,000📈 New Listings: 1,616📅 Median Days on Market Until Sale: 21📦 Months Supply of Inventory: 1.9🏎️ Formula 1 race weekend tickets for November 21-23 will be available starting March 25 at 10 a.m.

On the other hand if this was a long time tenant who is moving to a more expensive unit I would probably go with an upgrade down the road. 

As we head into the Spring market we will begin to see some more inventory (I hope).2024 New Listings for Detached Single Family HousesJan 2024 - 1,484 compared to 1,425 last January, up about 4.1%2024 New Listings for Condos/TownhomesJan 2024 - 933 compared to 811 last January, up about 15%2024 Median Sales Price for Detached Single Family HousesJanuary 2024: $980,000 is the current median sales price last month for a house.January 2023: $849,000 to December 2023: $949,000 - Median price for a house went up by $100K in 2023!

To figure the expense of furnishing, you could use this rule of thumb: $10-15k for the unit itself (things like appliances, living room furniture) and $2-3k/bedroom.

Now that home prices have stabilized, every month you hold a NPL it becomes less valuable because homes are not appreciating and time costs money, as well as additional incurred expenses like servicing, FPI, legal etc.

i know that's a big expense... but so is buying the wrong property and getting hit with thousands or tens of thousands of dollars in capex

If using a PM, they are expensive and often bring the return in line with LTR.  2)  STRs and MTRs are at risk of increased regulation.