Large ensuite master bedroom with all the modern luxuries including a fireplace, window seat, and spa-like bathroom.

Every door broken in the unit, holes in the wall vanity cracked and water damaged.

I still hope to add new flooring to the kitchen and bathroom and install permanent air conditioning before moving out and renting the lower unit.

The down side is, smaller rooms, fewer closets, fewer bathrooms, chance of asbestos.

The major repairs to the home included the following: laminate wood floors, carpet, paint (interior & exterior), new plumbing system, granite countertops, cabinet re-facing, new vanities, new appliances, fence, and some other small things.What was the outcome?

Biggest value add for your home is to add 1 bedroom and 1 bathroom to the main house (especially if your home is 2 bedroom in an expensive neighborhood).If you have the cash (I am from CA also), invest out of state (without moving). 

For me, my dad and I rehabbed the bathroom before I moved in, taking about 4-5 full days (I took a week off work to do the bathroom and electrical). 

I live in central Florida right now and I have 1 1/2 bathrooms and 3 bedrooms. 1/2 bathroom is actually in master bedroom.

With our next property we are hoping to prioritize the main living areas first and then bedroom and bathrooms. 

I am tempted to fix those two rooms & the bathroom in a month November/December and rent those two rooms out to university students before their spring semester starts.