I probably spend less time making decisions on big ticket items like roofs, kitchen cabinets or flooring vs bathroom fans!

Then when you have some $$$ from rents during turnovers you can update kitchen and baths.

Slab leaks under baths, kitchen sinks, etc on or very near outside walls are less costly than interior areas because access is easier.

In my area new kitchens with granite are standard at the $180k price point along with remodeled bathrooms, siding on older homes, etc.

Had I known I would have upgraded kitchen faucet, $75 to change out a light switch...really?.

Plus additional 25k to update kitchen and bathroom.To summarize using easy formula:0.7*550000-90000 = 295000 which is pretty close to list price.I'm a cup half full kinda guy and these numbers seem to work.

On the living room you can thrown down a rug on clearance and when they leave after thrashing it just throw away.The carpet upstairs I have seen only about 30% of the wear from the main level where the kitchen, living room, and bathroom is.

:In all out units we have a binder with all the pertinent information the tenant may need (operator manuals for appliances, list of local amenities, a little history on the property, house rules, etc) and a list of "numbers to call" velcro'd on the inside of one of the kitchen cupboard doors.

From what I gathered on the forum it seems to be a standard approach when renting to students.I think the only way to make this a good deal is to turn the basement to another unit with it's own bathroom and kitchen and rent it for another $1K then it will survive the 50% rule.Thanks again!

Kitchens, bathrooms, flooring are all in need of updating.