You can expect to at least touch up paint, freshen up landscaping, and periodically replace carpets that are just worn out.  

Rehab planned time was 6 months. 2 weeks before the project was due we were missing 24 windows, 11 doors, 3 gates, 3 kitchens, HVAC installation, electrical, paint and ... the contractor!

I only have current rental rates per unit, not a full T-12 (which I would anticipate would look worse, given the amount of vacancy that would be required to do the interior renovations that they have done (updated flooring, full paint, updated countertops and appliance, updated bath including new tile work and fixtures (except tubs). 

The subject property needs a few $$ to get to that point,  so let's set $5,000 aside for a property refresh (paint, carpet, repairs, etc.)Let's say you buy the subject property for $150,0005,000 for refreshTotal invested $155,000Keep this property for 10 years.Rents should trend in the $1800/mo range but we'll go $1600 just for conservative numbersMonthly Rent $1600Assume buyer pays all utilities + trash + lawn/snowExpenses:Property Taxes: $200/moVac/Maint (10%) = $160/moProperty Mgt (10%) = $160/moInsurance = $80/moTotal expenses = $600Total cash flow per month = $1600 - $600 = $1000/moAnnual Cash Flow = $12,000 x 10 years = $120,000Sell in 10 yearsAppreciation is currently at 15%(!!!)

New paint, flooring, miscellaneous plumbing & electrical repairs, and a deep clean.

New paint, flooring, miscellaneous plumbing & electrical repairs, and a deep clean.

Removing carpets, putting in hardwood floors, painting the apartments with a nicer paint.

You will learn, okay, they charged X to paint a home that is Y SQFT and now you have 1 data point for painting. 

Or at least a full rental rehab (paint, flooring, fixtures, cleanup which today is up to $20k easy).   

Their mindset is "if I can just find a house I'll do the improvements myself later".I mostly do the basics (carpet, paint, appliances, light staging) and price the property based on what else is available to buy.