And, I understand that I must remodel kitchens and bathrooms every 10 - 15 years, plus, I must replace the roof every 20-30 years and repaint exterior every 4-5 years and repaint interior every tenant turnover, or maybe (on average) every 2-3 years.

For my part, notwithstanding return, if I need a net of $10K/mo, then I am going to include Rev - Exp = Cashflow - 17% reserves, which will pay for most maintenance and vacancy events, but not likely for capital upgrades/remodels (remodel the kitchen and baths every 10 years and replace the roof and HVAC every 15, etc).

(we are not looking for any "big" jobs such as roofing foundation work. ) I've seen his work and he can flooring remodel kitchen/bathrooms and such.

As an example, here's the copy from a recent listing of ours (and that is probably about the same as your rehab in terms of condition and rehab work):"GORGEOUS top-to-bottom remodel w/upgrades galore!

Any thoughts on matter would be appreciated.If other properties have sold and none of them have been remodeled, then why would you spend the extra capital to do so?

Yes the government wants the "magic fairy dust" as I call it.I see it with banks as well.Sometimes the bank believes in an appraisal that won't fetch half the value.Since it's a "third party" appraiser they believe it to be most accurate.The problem is appraisers aren't in the field talking daily to investors doing deals like I am.Even if I can convince the bank they tell me they agree with my value and comps it's just that right now they can't take the hit.They can only take small hits over time.The government I am sure sees this the same way.As an investor I wouldn't want to be "in bed" with the government on houses.They have shown not to be good stewards of money or to make thoughtful programs that work in the real world.That leaves you intertwined with the government for years and years which I would equate to a nightmare situation.As far as the SS or REO driven market it depends on your local area.Some areas only had a few foreclosure to begin with and have already recovered.Other areas a foreclosure and short sales can be up to half of all sales still today.The reality is the buyer when looking at a remodeled house versus one needing work will go look at the REO or short sales.Then the buyer will compare in their mind IF they want to do the work to gain sweat equity or just pay for a finished product??

I have upgraded the electric, the AC was replaced in 2014, and we are just finishing up remodeling the bathroom and kitchen.It has original hardwood floors in every room except for the addition, which is carpeted.  

I bought and sold 5 homes but they are the ones we have lived in and remodeled for ourselves.  

P.S. both our families are into construction, remodeling, and owning real estate.

Do you have a budget for the remodel?