There is some substantial cap ex coming soon to redo the building's facade, and the flat is in need of major renovations (floors, electrical, kitchen, bath, doors, you name it).

The entire list of plumbing fixes includes:replace tub drain (mechanism toast plus drain was handyman'd out of code)replace water heaterreplace slop sink faucetreplace 2 sink faucetsbring upstairs 1/2 bath vanity drain to code (straight drop and no vent)move gas range feed to original placement in the house (they had it where the fridge should be and the fridge was a huge french door deal where the eat in location should be)re-run gas feed to dryer (utility co capped the line back towards a main joint)That ends up to be way more than I originally thought but it could have been worse.We pulled up the kitchen floor since someone had put el cheapo vinyl faux laminate down (always a bad choice) on top of old linoleum.

The bathrooms and kitchens are outdated but fully functional.I've done subject to before so I offered to take over her mortgage in order to do repairs and get each unit up to market rent.

Kitchen cabinets do not all close properly, some windows still didn't open well, they didn't hire a foundation crew to install piers, they simply used some cinder blocks & shims (with no receipts), and no main line plumbing was updated. 

Kitchen backsplashes are the easiest.

As I live in Las Vegas, Nevada, I didn't learn of this until about 2 weeks after they vacated the premises, when my other tenant called to let me know.I then had to pay lots of money to EMPTY a 2 BR apt full of nasty furniture, garbage, etc.... replace carpeting, linoleoum, patch holes in the walls, paint, repair busted kitchen and bathroom cabinets.  

It took two months to update the bath and kitchen.  

And that doesn't help with grease down the kitchen sink.

Purchase (2007): $165,000 I lived in the house for 5 years, renovated kitchen, baths, and converted a screened porch into a bonus room  ($30,000/150hrs of my time).   

Also it is wall to wall carpet except for the kitchen and bathroom which are tile.