We bought for $133k and replaced the flooring, updated one of the kitchens - (a duplex) painted, and made a few other improvements.

Our plan when we purchased the building was a complete update.

They were large 1 bedroom units with dining rooms, I converted certain rooms within the structure to other functions, updating the bath and kitchens converting the units into 2 bedroom units.

Plus, there are a lot of older homes (brick ranch) that need updating and renovation.

I put 3.5 down, and after that started doing a bunch of updates that have created value (hidden bedroom/ half bath) before I had any idea they could be such good ideas.

**UPDATE** So I asked the PM to cancel the contract and they complied with minimal fanfare.

Update them at least once a month. 

duplex is a 2/1 on each side one side rented at 700 month the other side is 675 totaling 1375.00Could use some updating.

@Mindy Jensen The cost to update the utilities will include the additional 5 pads.

This ultimately led to me offering them the opportunity to break the lease early which is fine with us; the unit needs updating and sooner is better.