They also left behind like new appliances (microwave, washer/dryer, stove, refrigerator), and had every outlet sticky noted with labels on what purpose it served.

In this part of the world you should be able to update that size unit for around 5k or less /- appliances. 

For example, upgrading all lightbulbs to LEDs, appliances to Energy Star rated, as well as air sealing & insulation. - Have folks out there found that there is increased consumer awareness around efficiency? 

Now....were I to hold onto it for 10 - 20 years, even if I sold then, I am likely looking at exterior paint again, perhaps new privacy fence and even roof and condenser, appliances etc.  

In my opinion my completed house will have much nice finishes and appliances.

Repeat with calculations for siding, flooring, carpet, tile, paint, windows, appliances.

I was wondering if you could help figure out where exactly I should land with an offer.Asking Price: $410,000FMV Rent: $1,455 per unit ($4,365 total)Rent Used for Calculations: $1,164 per unit ($3,492 total) (Used 0.8 FMV to be safe, but I can definitely get the FMV which I will describe in more detail below).Vacancy Loss: 8.33% ($291.00) Gross Monthly Operating Income: $3,201.00Repairs & Maintenance: $320.10 (10% of GMOI)Real Estate Taxes: $440.00 (1.3% of Purchase Price)Rental Property Insurance: $170.79 (0.5% of Purchase Price)Replacement Reserve: $50Monthly Operating Expenses: $984.85Annual Net Operating Income: $26,593.80Capitalization Rate: 6.49%Cash on Cash Return: 32.53%Days on Market : 3Now what's interesting about this property is that it's completely gutted rehabbed (new EVERYTHING, but no stainless steel appliances, but the market doesn't call for it) and it's in a good location.

They spend money on what they believe will drive more sales and more profit to their bottom line.If people maintained house, cars, appliances, etc. as often as manufacturers recommend most people would be broke and their whole time daily would be doing this stuff.As an inspector you likely want things done at a very high maintenance level that tenants might not agree with.

Thank you Conn, yes, we just put in new flooring(Home Depot Life Proof)(pulled out the old carpet), painted cabinets(Rustoleum Kit), and replaced all the light fixtures(Home Depot and Amazon), and picked up a SS Stove off of Facebook Market Place ( to finish out the SS Appliance theme ) to bring it up to date.

Well...I would say yes once occupied, or at least in liveable condition...appliances should not contribute...What is the land use code on the property...is it already listed as a rooming house or 4-19 unit with the auditor...and why are you seeking a commercial loan...non-recourse?