My contractor threw on a new layer of paint throughout entire house, replaced carpet with hardwood laminate, restored the wood on the staircase, and refinished tub/vanity in bathroom, new blinds and fixtures.

It was one of the first rehabs I had someone else lead and I had to essentially re-plumb the entire bathroom and do some drywall repair for the unit downstairs that had some water damage so I'm almost another 13k into it (Ouch!)

To give some context, what I'm needing done is as follows: roof repair, 3-5 floor joists replaced or "sistered", surface mold remediation, 3 bathrooms remodeled, hardwoods sanded/buffed/finished, exterior and interior paint, drywall repair, granite countertops and new appliances in kitchen, new HVAC and ductwork, branches cut away from roof, gable vent repair, insulation.  

One difference was I made a master suite and bathroom out of the garage. 

Some localities will require that glass that isn't above a certain height above the floor will have to be tempered (also true for windows in a bathroom).

All in, we are spending about $50K on the renovation and hitting high value items like kitchens, bathrooms, appliances, lighting, paint and trim, etc.In section 946 of the tax code, (https://www.irs.gov/publications/p946/ch04.html#en_US_2013_publink1000107513) there is a run down of what useful lives you can use when you spend capital on a residential rental property.

If you do the roommate option, you'd have to consider the following:- the type of lease you need (check with an attorney) because you are dealing with renting to two separate people whom will only be in sole possession of their "room" and will share common areas of the unit (living room, kitchen, bathroom, etc)- Unless both roommate tenants are compatible, you may find yourself playing peacemaker if they can't get along- Decide the amount of income needed to qualify each tenant (Will they have to make 2.5 times the rent of the unit or the rent you are asking per room?

It will new kitchen, floors, redo bathroom from head to toe, maybe new plumbing if needed.However I am really trying to find a estimated cost sheet so I can develop better estimates when looking at properties prior to getting bids from contractors.  

They have affordable cabinets and vanities made out of 1/2" plywood. 

Delay gratification so you can have 2 theaters in the future.The thing that would make this a no-brainer for me is that you can convert it into a livable apartment space and then easily change it to a theater with a bathroom in the future if you think it will sell better or you want it more.