With older properties you could have asbestos, lead-based paint, galvanized pipes for plumbing, etc.

This one needs minimal updates (paint, refinish existing hardwood floors, update kitchen cabinets (small kitchen, which is customary to area)).

We also installed new flooring & painted the laundry room again. 

I offered $835,000 on a property and it was rejected.  6 months later, after they replaced the carpet, did some other renovations and painted the interior ($20,000 in total renovations) they accepted my offer of $795,000.  

Account Closed An easy solution would be to paint the cabinets.

He wanted the hallway outside his apartment painted, and I told him I will, if he lasts a year.

A few warnings though just to paint a complete picture, you will not likely see full LA appreciation in rent or prices there (but perhaps still better than out of state), you need to "cherry pick" the better neighborhoods to avoid the really rough stuff (especially on the East Side) and make sure you get in where you are willing and able to stay in because this area tends to get hit harder than others in a downturn.

With 20/20 hindsight regulators and plaintiff's attorneys paint targets on these individuals through rescission rights or other legal techniques-They train sponsors to source money through other active investors which inevitably leads to squabbling and a loss of control.  

I painted the exterior New year day while others were recovering from partying.

I can't resist.