Do the upgrades and purchase the property for $264000 at the end of the 3 year period when I can get it appraised with the improvements.Please give feedback.

I live in San Jose California.property value went up  alto. so in the binning I wanted to upgrade from a condo to a SFM. once I sold my condo, I realized that I could not afford any 700k homes in the area. 

Just make sure it's up to code, unless it's minor stuff, and cover yourself legally via a contract so they have no recourse for the 'upgrades.'

It needs little work but ill do a few upgrades to up the rent.

Condo association is currently doing a construction project to upgrade decks, siding & sliding glass doors. 

Is there a unit in need of an upgrade? 

With a few cosmetic upgrades, the place should easily rent for $1,400.  

Then By the pictures alone, if I can see that all else is needed / I'm wanting to do is to update it a little bit , I.E. new flooring and paint the interior, and maybe paint the cabinets and replace the countertops in the kitchen and put on some new hardware and the total of these upgrade is under $5,000 .......

Do you know if the building owner has plans to upgrade the hallways and/or do you have the option to work with them in some aspect for the mutual benefit?  

.- Lazy property manager that hasn't raised rents fast enough, maybe they don't want to lose good tenants, maybe they don't want to find new ones- Some units have a better view, are upgraded, or have nicer features of some kind- Maybe some include water or heat and some don't?