Yes, the price of $30k to upgrade your service and rewire your house is in the ball park of what a licensed electrical contractor would charge.

I have been a lurker for BiggerPockets for quite some time, but just upgraded to Pro, as I'm am finally ready (both mentally and financially) to make a move on my dream. 

How would I report the income of the unit in a way that repairs, upgrades and other expenses can be written off?

I would firmly say my criteria is geared towards a more safe investment that may not yield as much profits (newer properties in need of moderate cosmetic upgrades), but will hopefully be one that does not come with many expensive surprises. 

This home is Zestimated at about $400,000 but most likely more with the upgrades we’ve made.

I will likely upgrade them at a later point in time, but I'm not in a rush to do so.

I will likely upgrade them at a later point in time, but I'm not in a rush to do so.

. ;-)We have a lot of multi-families in Philly but for the most part we don't do anything with finished basements, and we mostly buy existing layouts and upgrade them instead of doing new layouts.

FYI, we were part of storm water pipe upgrade project.

The seller is in the process of doing some upgrades before listing them so I'm trying to make an offer before upgrades are finished.