For example, doing the kitchen,paint and floors in the 2 months before moving in and then moving to bathroom renovations or adding a master suite addition while living in the property.Depending on you jurisdiction and capital you can use the value add house hack to even add an adu to increase the density. 

After some time we are able to renovate with new flooring, new paint, new light fixtures, new bathroom fixtures and vanity, new kitchen countertops, and painting the kitchen cabinets and new cabinet hardware for about $7500 on a 1/1 or 2/1 apartment.

Visible dirt/dust on almost every surface, trash (including Q-tips) left on bathroom floor, toilet not cleaned, food splatter around kitchen, smudges on walls, windows and mirrors, list goes on... 

I expect at some point I'll also need to redo a bathroom or two and maybe a kitchen.

This way i can put more money into the kitchen and bathrooms that will increase my property value.Hoping for some additional thoughts.

About $250 to $300 per square foot, because it is small which drives the per sqft cost up absorbing kitchen, bathroom, plumbing, electrical, utilities, basement, roof and impact fees into a small footprint.

Since you mentioned the property needs a lot of work, if you could put in some higher end finishes into the cabin (kitchens and bathrooms), there would almost certainly be a pretty solid base of STR guests wanting to stay there - almost without exception, every modern STR cabin in Minnesota and Wisconsin that I've seen are all doing tremendous numbers.  

Full kitchen and bathroom remodel, new floors, drywall, interior and exterior paint, landscaping, and misc.

Purchase price: $240,000 Cash invested: $200,000 Remodeled the house, all doors 3ft wide, added a wheelchair friendly bathroom and shower.

Added Luxury Vinyl to Kitchen and Bathroom.