@Andrew Whytock, unless you are buying a turn-key, there are probably some repairs and/or upgrades required.

On a different note, with renting out to tenants in mind, what upgrades do you find "necessary" compared to "nice to haves".

Another investor notes they paid for upgrades, and when things went south, they noted the upgrades were not performed.

Remember if someone loses their house for taxes, they aren't doing maintenance and upgrades like granite countertops and new cabinets.

The one thing I will say that is finicky is the electric on-demand hot water heater: it doesn't like it the hard water from our well so we had to upgrade our water softener to the best one available, and it also doesn't like it when my wife runs the dishwasher, clothes washer, and tries to take two long hot showers at the same time.

If I were you, I would analyze the best I could and probably do the upgrades, this would increase cashflow and ARV, then pull out some cash in a HELOC or Refi to while saving $ to buy the next house hack!

Part of what prompted this is to separate electric, I'll have to pay quite a bit more than the required electrical work of upgrading the service.

Upgrade interiors to Class A finishes.

Upgrade interiors to market style.

Made upgrades to the home based on inspection issues with electrical, wood rot etc.