Consider how much you'll spend on a turnover (paint, flooring, touch-up, cleaning, etc) and how long your property might stay vacant for and how long this 'Lost Income' will take to makeup with the new tenant vs. keeping the old tenant at a lower rent. 

Exterior paint.

Almost a true paint and carpet other than the HVAC and rear door needing replacing.

I will do exterior painting, upgrade the bathroom, and the kitchen.

Purchase price: $185,000 Cash invested: $25,000 Amazing 3/1 1200sqft with upgraded paint, floors with new appliances.

Investor rehabbed property, putting in new flooring and painting sidings What was the outcome?

We updated the exterior by painting the brick two-tone, new landscaping, roof and re-branding the complex with new signage.

Renovations include new kitchen/ss appliances/custom cabinetry/granite countertops, 2 new bathrooms, freshly painted throughout, new carpeting, refinished hardwood floors, convenient laundry hook-up on the first floor, new plumbing, updated boiler and hot water tank, new electrical, new siding.

longer jobs like a lot of cleaning and painting is about 30/hr.smaller jobs costs more since you have to make it worth it to go out there - I pay up to 45/hr

But generally items like appliances, carpet, paint, cabinets etc would examples of items that the landlord is able to depreciate over time on their taxes and therefore is expected to replace when needed.I hope this helps!