Carpets stained.

It could be as simple as paint the outside, landscape, paint inside, and new carpets (aka. a cosmetic/lipstick rehab), but that would provide some cushion as you get started. 

After figuring $10/sf for paint and carpet and lowering my estimate for repairs/maintenance and CapEx, I came up with these numbers. 

We will leave carpet and paint as their opportunity to add sweat equity.

That's a little less messy.

We immediately renovated the hoarders unit, put new carpet in the adjoining unit and rented them both 3 weeks to the day after purchase.

Hard flooring is not easy on the legs so if I'm planning to go with a laminate or vinyl should I limit this to the main living areas and stick to carpet for the bedrooms?  

No balloon, but 7 year rate reassessment (no appraisal required).Messy stuff.

It’s a messy situation that we are dealing with.  

-Minor repairs, carpet cleaning, tenant turnover cleans, etc is something my company does already (albeit for commercial office clients), so getting a “tenant call on a weekend to fix a sink” isn’t a large consideration.