In my area, Minneapolis, a bedroom needs to be 7x10’ (anything smaller is an office), 2 separate duplex outlets or 1 plus ceiling light, proper height, door, egress, heat.

How does it heat?

Making sure contractors don’t turn the heat on to 80 degrees and leave it.  

New electric, plumbing, and heating systems were added, and cosmetic updates like new flooring, cabinets, and paint.

I actually just moved to Davenport from Miami, FL. 

In some cases the programs will pay more if you update the unit, they typically require big things to be updated  like heating systems, roofs, windows etc.I hope this helps!! 

If plumbing is placed in convenient locations and you are able to split the Heat and A/C service, it could be 5-10k to add a new unit and really up the value and income. 

And more importantly, is this a fireplace that only serves an ornamental feature (like in my house, 90% of the heat goes straight up the chimney and doesn't do hardly anything compared to the forced air heat) or is it a serious wood-burning furnace that can largely replace a gas furnace in some or all of the house?

I live in the Miami area but do not invest here...and shamefully haven't learned much about the market whatsoever.

Not including electric & heat/gas as I’d have tenant pay for that