This is a home improvement where they will get back MORE than the $1k they put into it, unlike most home improvements for most houses in most scenarios ("omg the $30k upgrade to an already functional and complete kitchen doesn't improve value by $30k, this is an outrage!"). 

Certain repairs can be expensed from a rental, but capital improvements must be capitalized and then depreciated.

It is a lot easier for them to supply the same list for improved or built upon properties but not so much for raw land.  

You could do a reno to your unit as extensive as a full remodel, or just a roof, HVAC system, and/or upgraded electrical service (you get to add it to the reno because it affects your 1 unit but it is great because that infrastructure improvement benefits the other units incidentally).

That’s the thing about this business, you won’t always hit home runs at every bat, but as long as you stay in the game and keep improving, you’ll always win in the long run💯💪🏽 On to the next.....

Hard costs are basically the site prep costs, construction costs, tenant improvement costs, etc. 

My personal feeling is the addition/mother-in-law‘s suite would be fine and could be sold as an improvement with the property.

Hi fellow Memphis investors -I was told by a real estate agent today that the City is now looking at Whitehaven as a neighborhood to improve and grow.

Buy a property for $1M with 70% LTV so equity is at $300K, spend $50K on improvements that increase the rents, sell it after 2 years for $1.5M and get back $750K, use the $750K to leverage $2.5M in purchases at 70% LTV and do it again using a 1031. 

More importantly I looked at how technology could not only improve lifestyle but cashflow:(These are general numbers not associated to a specific product, please price your own product and charge +/- accordingly)30 Unit Apartment$150 deposit per 2 "smart keys" (returned if 2 undamaged keys are returned - kept if not returned)= $4,500 on deposit at capacity$75 replacement - This will bring in a few hundred a year minimum on this property(Make sure your replacement cost to the tenant is more than your key cost for the hassle of reprogramming and to be paid for your time and cashflow, consider it like a contractors markup for services)If I pay $200 a lock I am in for $6,000. however in year 1 I receive $5k+in deposits or replacement fees that could be realized.