Until the zoning codes are relaxed in Memphis to allow more duplexes or small homes clustered on lots with with common areas, it will be too expensive to build replacement housing and rent them for under $750.

We own a house rented to college students and need to replace the living room furniture.  

We will replace the roof and paint the siding.

We replaced roof, some new windows, new A/C, flooring, quartz countertops, new appliances, basic bathroom remodel and gave the exterior a facelift.

Lets further supposed that the replacement cost is $1,000 with like and kind. 

Finishing property, fixing and painting holes in walls, redoing all carpet and flooring, replacing counters with granite and adding an island.

Use actual dollar for long term replacements.  

What it does is it replaces the mortgage on your home with a Line of Credit.

at 75 years old, hopefully they've been replaced with PVC, but you have to check.Look at the electrical panel....are there GFCIs, ArcFault breakers, new panel, where is the panel, are the plugs grounded? 

If so, perhaps I should do that before I begin the rehab and replacements of kitchen, baths, etc...