Then you really should need:1. paint2. flooring3. previously mentioned upgrades to the kitchen and bath (coordinate them if you can)4. updated light fixtures (I like brush nickel)5. ceiling fans in the bedrooms (get ones that you can get extra parts for)6. clean up the yard 7. simple mulch and landscape that is tenant resistantThis will go a very long way!

Just last week a 3/2 with a cute yard came on for $165,000.

Additionally, we cleared the back yard and installed a new fence.

Rather than try to answer your questions with numbers because answers will so dependent on your market, here are some costs that you should consider categorically that you might not be thinking of from your experience with long term rentals: - Insurance (that covers STR activity--not just any landlord policy) - Utilities (including internet and possible streaming services at minimum)- Hot tub maintenance if applicable- Replenishables (paper towles, coffee, etc)- Laundry service (maybe this is bundled with cleaning) - STR specific taxes in addition to property tax- Trash/recycle- Yard care, snow removal- Licensing cost from your city if applicableHope that helps! 

I am a proponent of knowing and starting in your own back yard so the knowledge you learn has a place to anchor in your mind.

The section of the fence is laying partially in our yard.

I am going to be developing four acres in Georgia into a truck yard.

I hear awesome things about Columbus but I just don't have a need to go there bc there is still plenty of deals in my little back yard of Dayton and my network is here (mainly my construction company and I have no desire to drive through Columbus EVER LOL). 

Open floorplan, stainless steel appliances, the whole 9 yards.

BUT today I went to the lumber yard and bought four little 9 foots studs to finish a building prior to sheet rock and the price was $52 for 4 sticks!