It's mostly cosmetic updates, but with the rising cost of materials it will chew into my budget. 

We performed a cosmetic rehab and added central air conditioning.

Maybe send your guests your work-out routine, or offer to train them?

You should buy something more on the light cosmetic side vs a complete rehab.

Have a few properties that I am looking to get on a normal maintenance routine, figured I'd check here before searching google. 

Ill be responsible for booking, and scheduling the maintenance and cleaning routines.

I’ve spent the past month fixing it up (mostly cosmetic and necessary repairs) so it is rent-ready.

Now this one needs 5/10k in repairs but we will get to that later.25% (the down payment) of $187,000 is $46,750, that leaves a loan amount of $140,250, at a 4% investment rate, including taxes and insurance your total monthly payment (PITI) is $934.49The gross rent for these 3 units are $2,800, the 10% property management is $280 take that and your PITI and that leaves $1,585.51 each month.After a 35% expense ratio you should net $1,030.58 or $12,366.97 a year.Your cap is $12,366.97 / $187,000 = 6.6% Now the great thing about this deal was when we got our purchase loan upfront we also got a 5/10k rehab loan, after we do some minor cosmetic repairs we are going to wait 6 months then do a 75% cash out refinance off the new value which is the $260,00075% of $260,000 is $195,000 which means you pay off the loan you have (the $140,250 above) the rehab of 5/10k and after those two numbers $150,250 you still have $44,750 which was only a few thousand from your original down payment, which means you put that money back in your pocket.So within 6 months, you bought a triplex, refinanced it and got your cash out and it’s making you 12k a year.

(I'm thinking general cosmetic updates + possibly adding an addition to increase the bedrooms/baths from a 2/1 to a 3/2 or 4/2).

We inherited two vacant units, one that was down to the studs and one that needed cosmetic updates.