I can give you an example in my market here in Cbus for SFH 1,200 sqft:Roof - $7k to $9k Siding - $9k Windows - $450/window labor + material Flooring - $5/sqft Paint - $3k to $4kStandard Kitchen - $7k Standard bathroom - $5k This is just a general idea from what I am seeing. 

Bloomfield does have high rents however there a pockets that are still not up to the standard yet.

In my opinion, the short answer is to use your cash and refinance it into a 'standard' loan if you are going to rent it or sell it when you are done. 

Since this is a capital improvement, it doesn't follow the same rules as a standard expense, so you'd likely start depreciation in 2023.

To maintain your current standard of living, your rental income must increase faster than inflation.

Of course your/my mileage may vary - but this seems such a standard thing to do, I can not imagine it's worth thousand dollars of contract rocket science.  

Talk to your preferred lenders about whether they see a cash our re-fi as being approved with the same standards as an investment, i.e. loan to value, debt coverage ratio, etc.

Simplify as many standard processes such as online rent payment, leases, apartment turns, paint, and other materials, and re-key all locks to a master system.

I'd like to find out what a somewhat standard practice out there looks like.

You may also have to get your "hands dirty" in order to make these properties look nice or up to your standards.