The house is worth roughly $215000 with a rough estimate of $7500 in upgrades needed.

Specify that anything that occurs which falls into one of those categories must be responded to within 15, 30 etc. minutes depending on your specifications.I manage a large apartment complex and we do treat broken pipes as emergencies (some companies don't).  

The problem with price per square foot is that it does take in to consideration number of bed/bath, upgrades, etc.

That 'C' property in the 'B' neighborhood we're all looking for exists because the current owner didn't reserve enough to fund the upgrades to keep it a 'B' property: Don't be that owner.

I am very picky, but within 2-5 weeks I can usually sign a contract. keep in mind that may include the tailend of rehab.One other thing I picked up on BP and works great is a move out checklist with prices for everything that is broken, dirty or missing. $5 for a light bulb, $50 to clean a fridge etc..

I had a deposit on this one.. in the day it was going to come out at 950k and I could have swung it... ... but now its 1.9 ... so I won't be upgrading anytime soon.But for MI to buy a corporate ride this is a very nice safe plane ....

It won't increase the rent by itself but it probably increases how rentable the property is and if you eventually combine with other upgrades could help the rent.

I work out of the home and we make good income but with other expenses our debt to income ratio is at the top of the lending line for banks.We have 15k for a new home.  22,000 in a 401k account and we're looking to upgrade to a 4 bdrm home sooner than later.  

How much cash do you have invested into the property (down payment, major repairs or upgrades)3.

Peter,Bill has some good advice, I would look into upgrading that system due to the oil, and if I was spending the money to do it I would have it set up so that they utilities were separated.