That really depends on many, many factors.

@Ilya VorobeyIt ultimately depends on what you sold - Did you sell the house or did you sell the contract?

Depends on the sale price.

It depends on which market you are in?

That spread has recently been 2.30-3.00% depending on the bank and strength of the deal.

All depends on the city requirements . 

Depends on how habitable is defined in your region.

Account Closed It totally depends on the location, class of property, when it was built and what the market will accept.Most of my stuff is class C in a smaller town so I do not over-improve but I make it nice, clean and liveable.That means new paint, vinyl plank flooring, selective cabinet upgrade or painting with new hardware (white is in these days). 

What you would do also depends whether you are investing actively or passively.

It all depends on what you're buying, and what kind of a market it is, because you're absolutely right-- cash is king!