There are also (depending on the location/development) certain floor plans the rent for higher than others. 

And some new flooring.

First Floor of Our First Flip Gone Wrong

I included a floor plan with to the inch measurements so that prospects know exactly how small it is.

And the previous tenants were horders, so serious cleaning needed alone with a budget for rehab of each floor.

I recently purchased a property in MI that only requires cosmetic updates I.e floor refinish, paint, new knobs, new cabinets, clean up etc.

The lower 2 feet of drywall and all the flooring was removed from the dogs marking everywhere.

The lower 2 feet of drywall and all the flooring was removed from the 5 small dogs marking everywhere.

I did hickory hardwood floors, new countertops, new stainless steel appliances, Oak furniture (still bought at yardsales), very nice bed spreads, walk in shower with nice tiling, etc. 

Assuming you can build 3 stories with no setback on the third floor (if you're a corner property, if either adjacent house is 3 full stories, or if either lot alongside yours is vacant) you can go 3 stories.