Your other option is to rent out the 1st floor and basement together as one whole unit.

Minor painting, minor carpentry, flooring, hang blinds, asses a problematic dishwasher or dryer etc.

hi @Tyler Baldwin, the upgrades are very cosmetic - paint the walls, new laminate floors.  

I have a 95% LTV HELOC at prime minus 1% with 3.99% floor with SDFCU on my primary.

My capex budget includes roof 25 year life span, floors 10 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 20 year life span.

, FAR (floor area ratio which is the max SF for the lot), lot occupancy (how much area can the building take up on the lot), green area ratio or pervious surfaces (a lot of places now require soft scale or where water can collect and not drain to the storm drain), parking requirement per unit (can the parking be offset if near public transportation), affordable housing, any view corridors to preserve, is it a historical neighborhood, minimum size per unit, and any public enhancements required?

i.e. paint and flooring. 

My capex budget includes roof 25 year life span, floors 10 year life span, appliances and hot water heater 12 year, hvac 20 year life span, bath and kitchen remodel 20 year life span, etc.

As mentioned, I would not be looking at anything that needs more than "cosmetic" updates: new cabinets, appliances, counters, flooring paint, maybe a little tile backsplash and tub surround. 

Floors have a 10 year life span.