There was some minor repairs that we had to do:The previous owner took one (of two) medicine cabinets out of each bathroom.They took the appliances.They took the ceiling fans, but the bank had already replaced them.They left the garbage disposal, but took the plumbing under the sink.Took every door stop in the house.and, my favorite...They took the middle hinge off of the interior doors (I never did fix that).Took us about $1500 to finish the rehab work, and during that time, some thieves stole my air conditioner.  

You can order cabinets through them.

Install kitchen cabinets, finish electrical and plumbing8.

A week ago, I met two ladies who wanted to buy kitchen cabinets from me (I  have a side business) we start talking and they told me they work with a mentor. 

I also own 19% of our family cabinet manufacturing business, and actively manage it. 

Kitchen cabinets got make over.

And as friends learned from Hurricane Sandy here in NJ, insurance will only cover what was actually damaged by water if you've got flood coverage....meaning, lower kitchen cabinets that had 6 inches of water damage were pro-rated when being replaced.

Plumbingwhat you don't need to spend a bunch of money on is flooring Paint cabinets appliances etc those things will get used and abused by the tenants or time.with the above 5 things all new or updated one will have a good chance at a 10 year run.

@Kyle Kelley The cost of the money, is an expense, just like the cost of the kitchen cabinets, the paint, and the carpet.  

Mostly just cosmetic fixes. 1 unit that needs most of a new bathroom, and cabinets/countertops.