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Hey everyone. I just recently added a triplex to my portfolio which is going to be a BRRRR...down on the Jersey shore, and it's going to need a 100% renovation, from top to bottom. It's in a town that's on the rise so I'm banking on appreciation as much as I'm banking on CASH FLOW! Being that it's not my own home that I'll be living in, I don't want to over do it, but I want to make it so tennant will choose my apt's over any others on the market. I want to do what's most efficient and cost effective for the long haul since this is strictly a buy and hold property.

This is not the first full reno that my wife and I have done, but it is the first multi family home we’ve purchased. As it sits right now, there’s 1 apt downstairs and 2 upstairs.

In a project like this, I want to search for the most cost effective and most efficient ways of fully remodeling across the board in fully redoing each of the 3 apt’s. The great thing is that everything will be brand new. But what to go with? Spray or regular insulation? Redo the baseboard heat throughout, or add forced air+AC units for each apt? Just do heat and let them add window unit AC’s? Would you spend the money on tankless boiler/water heaters? What type of floors do you go with for longevity? What types of counter tops? Since each apt only has 1 bathroom, should they all have tubs?

What products do you use and where do you shop for all of YOUR rental property needs? Are there things you’ve added in units that have attracted tenants specifically to your apt’s? EVERYTHING will be brand new and redone so obviously I’m looking in every direction on where to save $$.

Looking forward to hearing all of your thoughts!

I may not be able to answer all your questions but here are some of my opinions: 
1. I would do regular insulation not spray if the tenants are paying for utilities
2. I can't speak to the heating/cooling because the costs are different in Canada 
3. I love the new LVT flooring for durability+style and it's extremely easy to install, the cost can be a bit more but there are deals out there 
4. I'd go with a tub because the base is about the same as a shower but you save on not needing a shower glass (you can use a shower curtain with the tub) and you use a little less tile lol. 
5. I put a dishwasher in my last place and I'm not sure that it was a huge selling feature, you may be able to do without to save some $$

Good luck with your renovations, I hope they go well! :)

Look at your target tenant. Who are your aviators? Build the units based on what they would want, at the same time making it look more higher end (this doesn't mean it has to cost more). Also, although things are needed, many people expect them.  ie dishwasher. Some of my units don't have laundry. I don't need to install these, b/c there is a laundromat a 5 min walk away. If you install A/C, who is going to be paying the hydro? Also consider the future replace cost and maintenance. Hot water on demand is great, but it is way more expensive. If space is a limitation, then why spent the extra money? Good luck.