But a pattern of going nuts at Christmas on a credit card then not paying it off is a big red flag.  

I’ve seen the same pattern that @Frank Wong is referring to....a long run-up, then a modest 2-year drop, then a 2-year return to the previous high, then another long run-up.

If you plan to hold, having new plumbing, electrical, tile, cabinets, etc will be nice as well. 

We've been in the house 6 years, and we've done a good amount of remodeling- drain tile in backyard, fenced in backyard, new high efficiency furnace, remodeled bathroom and kitchen.

We pushed the wall into Master bedroom further, and made a huge full tile shower, and double vanity.

Look up the costs of materials for various things (Flooring, cabinets, granite, shower tile, vanities, fixtures, fans, windows, doors, baseboards, etc) and then look up the local flooring installers, cabinet installers, countertop fabricators, shower tilers, window installers, etc. and ask them how much they charge for labor on certain things.

Some leaky faucets , slow drains , a broken window , a broken screen door, missing damaged facia , Eve's and saufet .wood decay around front door , a ceiling fan that doesn't work , ac with water filling drain pan , crack in garage ceiling , 1 cracked floor tile, 1 double tapped breaker , and a missing attic inspection cover .

Complete bathroom remodel with tile standup shower in master, new appliances, new back deck, refinish hardwood floors, paint.

You can make the apts small, finishes like tile, cabinets and counters are a fraction of the cost and that’s what separates luxury from affordable in my area.

So during the days for over 1 year, I destroyed myself re-wiring, re-plumbing, ripping out floor joists, tiling, hanging drywall, installing new HVAC units..etc..