Basement:- Ikea Kitchen w/ laminate countertop- new standard doors/frames/hardware (lowest prices ones)- New Ikea washroom vanity/fixtures- convert existing shower to bathtub (standard)- stainless steel appliances (get lowest priced ones)- stackable white washer/dryer (get lowest priced ones)- pot lights in living/kitchen/hallway- standard light in bedrooms- enlarge livingroom window (to get permit)- new flooring - Luxury Vinyl planks- AC/furnace/Roofing - 16 yrs old (should I replace before refinance?

They will check all the normal stuff municipal inspectors look for, such as detectors, leaks, missing or broken doors/windows/screens, etc. 

Also, don't forget to take your tax impacts into consideration, as well as the bandwidth and desire and ability to spend a lot or a little time on real estate investing. 

You become trapped in your own unit - you can never open the windows on a beautiful day because someone else smokes.

I keep forgetting about that. 

There are many hidden Folks out there that want to sell Used Appliances n doors, Windows, etc,..

Thanks for getting everyone gassed up about making money!

@Jim Cellini, other than adding a feature to your rental, I dont see the benefit of throwing 20k out of the window for AC.

Then they think about what it's going to be like in the Summer with the windows open or when they're trying to enjoy a cocktail on the patio.

. $40k is the price she offered to sell it to me for and it's already in livable condition alongside a new roof, new windows, new furnace, and remodeled bathroom.