How much would it rent as is (with cosmetic things-paint, perhaps new hardware, fix what needs to be fixed) and how much would it rent for with the renos...and what would those renos cost.The biggest thing in deciding to do major renos is are you going to get your money back and what does it add to the property. 

Neutral paint colors and laminate flooring help make the place warm and cozy, all while feeling like a place you want to call home.

Each property we've purchased has been owned by an older guy with terrible listing photos taken on an old Nokia phone and has been in need of a few minor cosmetic updates like painting, flooring, fixtures and maybe a small bathroom or kitchen remodel here or there.

Not really so let’s remove them a first step.The numbers are arbitrary and are meant to paint a picture.

Guess what, electrical is even more expensive because you have to cut through the drywall to run electrical, then patch it back up, paint it, etc. 50K ain't enough for all that I'm sorry.

Did a light rehab on the 3rd unit - fresh coat of paint and new carpeting.

The city mandates lead paint testing.

Is the cost of painting (interior only) a rental property deemed an expense that can be entirely deducted in that year?

We painted every wall, finished new flooring, repaired drywall, all new doors, all new kitchen, partially new bathrooms, replaced a torn out support wall with a header, All new trim, updated HVAC, cleaned up yard / landscaping, removed all trash

Painting What was the outcome?