In my experience its ok to risk paint, carpet, doors, fixtures only.   

I currently own 80 doors myself valued at 2.8m. all free and clear. 

I have no exit strategy, plan is buy and hold forever...unless huge opportunity to add more doors in the future requires it.

But the overall demand to live somewhere that has 17 available units for every 100 renters means to me that there is at least no true crash in demand on the horizon, regardless of what values do or don't do.

But there are several lots in the area that have not sold so I don't believe builders are knocking on doors around here (I'm happy about that, honestly...they are in-fill lots that have never been developed.)   

The key is to find properties that needs rehab and also more doors onto the property. 

I can retire in 2027 if I'm not shown the door before then (it's a one way contract, we can all be shown the door at any time!).

Find a facility, do the buildout, get the requisite licenses, buy the equipment, brew the coffee and open the doors. 

(It’s my next door neighbor ) Repairs are around 50k Market value around 215k Offer PrIce 115K Lookiing for feedbacK.

At the beginning of last week I unplugged the fridge and left the doors open.