How much to spend fixing up a property in a C-/B+ neighborhood
Looking at purchasing a REO which needs some fixing up. Termite damage, doors, flooring, paint, new roof, window leaks that need repair, kitchen cabinets etc... Some can be repaired/painted or I can just replace (like kitchen cabinets and countertops). If it's a C+/B- neighborhood where do you draw the line and rehabbing costs versus repairing and making it rent ready? Raising rent at best would be increasing $50 a month over existing market demand. Had one contractor in there today and is working a quote. Bringing another contractor in tomorrow to get another quote. I already told them, I am not trying to be on HGTV so I'm looking for durability and not high end.