Hello @Sergey Tkachev Property needs new flooring, baseboards, minor drywall repairs,texture, scraped ceilings, paint (3 tone inside, celling, walls, and trim), updated light fixtures, general cleanup of the yard, replacement of some dry rot, and a redo of the kitchen (small kitchen).Some of the work I plan to do myself and that will ultimately depend on quotes I get back from folks on the work.

I anticipate undoing the kitchen/door changes before selling the house.

Changes the picture somewhat; everyone should evaluate their own model.Also there are countervailing concerns to be aware of to find one’s own balanced position on this:Yes I’m aiming at the “crappy” end of the market where a plumber like me can add value adding/ fixing bathrooms and kitchens; where prices are cheap still and returns especially after adding value can be much higher, and also I’m a big believer in not just maintaining but improving your properties, which all fattens the capital expenses budget.  

Should I replace the floor in the kitchen/dining area as well, which has a few small nicks in it, but otherwise is in good condition  My agent estimated it has another 5 years of life in it.OPTION 1)  Replace living room flooring only - approx $1800 - ($1100 materials, $700 labor), then replace the kitchen/dining room floor down the line.ProsLess expensive up front.Get 5 additional years out of the kitchen/dining vinyl, which is not at the end of its useful life.ConsLabor costs for installing downstairs floors will be higher in the long run with two separate installs ($1000 labor for all downstairs at once, likely $1400+ labor for two separate installs).Floors will be different in the living room (luxury vinyl wood plank) and kitchen/dining rooms (a vinyl "tile") both now and when I replace the kitchen/dining floors down the line. 

LOL  I also build in a few weeks blocked off to give me time to resolve any issues with closing, redecorate the property, etc.  

Last week my tenant tells me she sees ants in the kitchen... a lot of them.

The property is a 3/2.5 that needs moderate rehab; can easily add a fourth bedroom and turn the half bath into a third full, update the kitchen and bathrooms, move the laundry from the kitchen to a dedicated laundry room, throw up some paint and other cosmetic stuff.

It affected the kitchen as well as two rooms above the kitchen; the building is not condemned, so that's a plus.I should have a quote from a restoration contractor tomorrow, which would give me a better idea of how much damage has been done. 

Then do the driveway, do an interior redecoration of all the units/common areas, and invite me out for coffee (your treat ;)

We own a renovation company, but doing an entire house in three months is different than creating one amazing kitchen.