I think it depends on the individual and opportunity.

The members here on BP that talk about STR auto-run systems didn't install those systems and find dependable cleaners & handymen overnight.

it's going to vary depending on the market and what you're looking for to meet your goals. 

Definitions:Full GutFull demo and clear out down to the studsReframe PropertyCompletely New Mechanics (HVAC, Electric, Plumbing)New WindowsFull drywall and paintNew KitchenRedo Existing bathroom and likely add a full bath in basement and/or ½ bath on 1st floor (comp dependent)Finish basementReplace flat roofNew Flooring down to subfloorsBreak, Flatten, Pour new Basement concreteThis assumes no underpinning or structure is needed.

"there are plenty of reasons why a landlord should care who is looking at their property, theft and their own personal safety being the first 2 that spring to mind, followed closely by not wanting to waste their time" These are valid reasons but depend greatly on your market and who is showing the property. 

It depends on the deal and the risk profile.

And, depending on where your properties are in Portland, the value might be near its peak—selling while they’re in top condition could be a smart move.Ultimately, it comes down to what will give you the most peace of mind and the most flexibility for the future.

Check out Norada Capital with a simple no fees structure and 12-15% annual yield depending on how much you invest.  

However, this rule is more property- or activity-specific and can be easier to meet than the 750-hour rule, depending on your portfolio size and involvement level.

For example college rentals generate some of the highest ROI of properties I come across in New Jersey but it depends on the school and location of property.