If you can't find new replacement real estate. 

new kitchen and both bathrooms 10k maybe depending on finishes. new windows,  electrical and plumbing will need some work nothing major. i will do a new garage tear down and replace.   

It doesn't mean you should avoid this strategy, it should just be considered a good supplement to SEO, cold calls, letters, or whatever - not a replacement. 

I replaced a couple windows myself because the quotes I got from companies were through the roof.The siding is also wood and different parts of the house need constant work.The siding estimate was around $40,000 which is a large chunk of change.

After he saw this photo, he’s suddenly changed his tune to ‘oh well we started with our materials and then you had us replace it’ which is wrong.

Can't speak for everyone, but for every 3-4 cancellations, we get 1-2 bookings to replace them.

It's about the numbers you need the following info to get a Rental Property Cash Flow Analysis    Property Management Fees Repairs and Maintenance Real Estate Taxes Rental Property Insurance Homeowners/Property Association Fees Replacement Reserve Utilities - Water and Sewer - Gas and Electricity - Garbage - Cable, Phone, Internet Pest Control Accounting and Legal Advertising Actual Purchase Price Down Payment Loan Amount Acquisition Costs and Loan Fees Length of Mortgage (years) Annual Interest Rate

My area it is $6 sf to replace.  2500 sf*$6=$15000/10 year life span/12 months in a year=$125 per month in 1 item. i use 10%.

If it looks like the roof is fine now, bu will need replacing within the next 5 years...replace it now. 

You are replacing equity with debt on your balance sheet, not earning additional income.