If I've participated in a few dozen deals as an investor, I've brokered hundreds, and the experience of those hundreds of transactions has taught me a great deal about how to be a more successful investor.

Not sure how much money they put in but looks like flooring, cabinets and painting.. they had this listed at 650K in September.

These factors help create a ceiling effect--where, no matter how much the house is worth, there's a limit on how much you can charge in rent.And, as you mentioned--if leverage is involved, the debt service of a more expensive property often overshadows how much you can charge in rent.These factors contribute to rent not increasing proportionately with the price of the house (and there are probably other factors too, that I'm just not thinking of at the moment...haven't had my coffee yet).Having said that, there are some extremely niche markets with rental properties that cater to multi millionaires, and which are extremely expensive (certain areas of LA, for instance...probably the French Riviera --where there are probably lots of transient tenants worth tens or hundreds of millions)...but, those types of markets are obviously the exception to the rule...Good luck out there!

We exist for exactly this kind of situation (and the hundred others that an investor will experience in the day to day operations of rental properties.Best of luck with this tenant, @Yakir Sheli

There are missing globes on all lights, missing knobs on cabinets, cabinets don’t close and are sagging.

It's a possibility, but I wouldn't bother unless it's going to produce a decent return of a few hundred a month.

A successful investor's time may be worth hundreds of dollars per hour.

If you cut enough, you will take some business away from the above average rentals, because some guests would rather give up nicer views or better decor in exchange for several hundred dollars less in cost.

More protection, for a few hundred dollars you can go from maybe 500k to 2-3 million, probably unnecessary but well worth it for the price. 

I've been pouring over the resources here on BP, read several of the BP books, listened to hundreds of the BP and Straight UP Chicago podcasts, poured over the SAAS tools, started comping and evaluating deals and found several Meetups to attend.