One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market.

Anytime you have a tenant move is a great opportunity to upgrade and place that newly vacated unit in the upper 1% of what rent in that particular area allows.I hope this helps in clarifying my earlier thoughts. 

If you can somehow get a piece of the siding, maybe the broken off part, and take it Sherwin Williams.

If they are paying for the place and not using it, that's their option but ensure that they get renter's insuarance in case the place is broken into.

Plus, I think the painting is a fairly cheap "upgrade" that makes the property look more professional.

But is that person taking into consideration a broken water heater, or a new toilet, or a long term vacancy or squatter or other unexpected expenses that will come along?

Also, depending on finishes and appliances chosen there can be upgrades added in.

Stuff is going to get broken and damaged and if you're planning on moving back in after six months you may be disappointed in the condition.

If you don't want OSB for subfloors or sheathing, you can upgrade with plywood, I don't see the need...My $67 a foot includes extras such as, 9' first floor ceilings, wood burning fireplace, high hat lighting, upper tier granite kitchen & bath tops, hard wired for alarm system.

I recently bought one for 5K, no work needed.Class C properties under 35K.Class B properties 50K-70KI can buy class B properties for well under 50K all day long. 10-20K repairs and upgrades, then sell for 70-95K.These numbers can be beaten with a little effort.