If there are serious health/safety issues, you can negotiate those with the owner after inspection.The money you spend to upgrade apts MUST increase rents in proper proportion to the investment.

Hi Bigger Pockets, Just starting out here, took a leap and upgraded to "pro" today!

Newly upgraded with brand new appliances .

With 40 showings, your property had a ton of interest. with the upgrades, i would relist and sell to the best offer towards end of lease. 

After his contractor walked it they noticed some knob and tube wiring,  U City would have made him upgrade all the electrical if he wanted to get a permit to put in a half bath which would have killed the deal.

Walking distance from great restaurants and nightlife.Condo property is nice, has a swimming pool, big gym, covered parking spot.Condo is from 2005 but has had no major updates since then, so it's "ok quality" but has no great upgrades in place, is builder qualityI owe about 100k on the mortgageHOA fees are about 300 per month.Property Management Fee of about 150 per month. 

I've mostly done cosmetic upgrades and cleaned up the property.

I've mostly done cosmetic upgrades and cleaned up the property.

OR would you wait until spring and take some time to add upgrades to the rental (thinking an in unit laundry even though there is a shared one in the basement), possibly painting the kitchen white, etc.- Is it expected that we will share the backyard? 

I new owner situation is a great opportunity to increase rents by simply talking to current tenants, doing a few inexpensive upgrades such as good cleaning and paint here and there.