Totall rehabbed, including electrical upgrade, new roof, etc.

That said - if you're doing a value add, go with a bridge / hard money loan, then you could take it out with a perm loan once you've completed your upgrades so you can cash out into a downpayment for a new deal. 

In the meantime, bank the net rental income and use the cash to upgrade the property at some future date or use the cash as a down payment for another property.

Here's an article from yesterday: https://www.baynews9.com/fl/tampa/news/2020/07/14/coronavirus-upgrades-planned-for-raymond-james-stadium

I've had a duplex since 2012, with tenants in it since 2013.  2017 was a particularly rough year--my property management company has recorded $5700 of repairs that were done, and in between tenants I performed another $1900 of repairs and upgrades (new cabinets).  

The packet usually has a complete list of upgrades along with the date that they were performed.

With the latter, you're looking at BIG money in foundation repair, wiring and plumbing upgrades, etc.

The place is upgraded (Completely renovated in 2016, hardwood floor, granite countertops, stainless steel appliances, etc.

I have slowly been upgrading my unit with new paint, countertops, backsplash, exterior doors, and upgraded A/C unit.

Market appropriate upgrades are where forced equity lives- fancy countertops, a cool backsplash, nice flooring, clean landscape, etc.