We are talking electrical, plumbing, flooring, carpet, doors, kitchen, bathrooms, sheetrock repair, 3 40 yard dumpsters full of debris cleanup becuase the contractors were nice enough to use his property as a dumping ground from other projects, furnace, water heater, even STAIRS down to the basement/garage because they were gone.

MY EXPERIENCE:>15 years property management(budget planning/investor interaction/property maintenance>Running/managing a crew of up to 8 >Managing project renovations up to 300k>Skilled tradesman (Painting, Carpentry, Plumbing, landscape, finish work of all kinds)>Budget planning >Vendor negotiations>Putting together investor packets>Underwriting real estate for investment fix/flips  

- Submeter all-bills paid units- Put in a RUBS program to charge tenants back for utilities that aren't separately metered- Standardize the paint, carpet, vinyl, countertops, light fixtures, plumbing fixtures, appliances, etc. for each unit- Replace old windows with vinyl windows- Have American Leak Detectors or another such company look for any water leaks, which are not uncommon- Allow cats (maybe pets, but it could be a mess) at least at apartments with no common areas as long as the tenant pays a nonrefundable pet deposit and monthly pet rent (say $25/month)- Perform preventative maintenance (i.e. changing furnace filters and checking for leaks), don't rely on the tenants to do it.- Pay a little extra for a really high quality sign, which will increase the attractiveness of the apartment

That assumes touching every surface and major upgrades everywhere (e.g. kitchen and bathrooms), but not replacing all mechanicals, roof, electrical, plumbing, etc.If your numbers are accurate you're buying at 84% ARV less repairs, as pointed out by Jeff S Na.  

I did all the work except for the plumbing and electrical.  

Our building has 6 units and we inherited a lot of building problems (have already redone the roof, some plumbing, electrical and rebuilt some stairs, along with renovating some of the units).  

No plumbing, electrical, restructuring layout, or anything like that.

Improvements to the properties include updated plumbing and electric.

I think we could get a higher price if I re-arranged the master bathroom, which would require knocking out a wall that connects to an oversized laundry, closing in a passage to the kitchen, and moving some plumbing around.

You have to honor the existing lease, it goes with the house like the plumbing.