What happens if he puts in $5000 worth of recessed lights in every room, and your expectation was to leave what was there...It's all things that you will learn as you go, but my suggestion is get some help from a trustworthy person on the first one.

The Great Recession (GR) was the worse home depreciation cycle in my lifetime. 

A lot of my friends literally had to move into apartments or rental houses when their parent's lost their homes in the recession and now they want nothing to do with owning. 

Is there another recession coming?

If I buy a 100K house that appreciates 3% over the long run (per study by famed economist who called the last crash, Robert Shiller), in 30 years I have ($) 242,726.25 Jack - In this example, you are picking a period that includes many market fluctuations - ie a few recessions, etc.

The drop in oil prices has put Russia in a recession. 

That's because I bought it prior to the recession and even though it was a HUD home I wouldn't get what I paid for it if I sold it now.

Back in the old days floors were recessed in anticipation of a dry-pack mortar bed.

Construction has historically been a big industry in Sacramento (except in the peak of the recession) in addition to the service sector.

It use to be like hanging out in the bar at the club, now it's more like hanging around fifth graders at recess. :)