So I can't buy carpet for $3000, furnace for $3000, appliances for $2500 and expense all those items.

We're adding a half bath, installing energy star appliances to help save on utility costs and giving it those little touches that really create an emotional connection with the property.

Lastly, in the case of Condo 2 - How do i set a basis for the used appliances, fixtures, carpet, etc.  ?

We did the following: -Tore out wall between kitchen and family room- tore out all flooring and trim - adden new LVT flooring everywhere- new paint inside and out - painted cabinets- new appliances- new island and island top.

However, if you have recent updates , roof, appliances, windows, interiors,  Your CAP EX will be cheaper. 

(furnace, a/c, hot water heater, softener, septIc field, roof, wIndows, kitchen appliances, etc.)

Here are the numbers:* 3844 square feet, 2-story, 4-plex buIlt In 1882* Rents for all 4 units total $2930/month* Landlord pays heat (gas boiler) and electrIc whIch Is $350/month total* Landlord pays water/sewer/trash whIch Is $170/month total* Taxes are $3k/yearNeeds:*ExterIor & InterIor paIntIng *Roof*FloorIng throughout *39 BIG wIndows*Most applIances are quIte oldLIstIng PrIce: $199K (motIvated seller)

Now she's currently destroying the home by flushing tampons and pads down the toilet to get the plumber out every week, she's sabotaging appliances to get maintenance to come out 3-4 times a month.

Javier,I guess my first question would be, how old are the appliances, did you do a walk they and test all of the appliances, have the ac serviced?

I plan on replacing the cabinets, counter tops, new bathroom and appliances.