As others have mentioned, I would take a look a replacing a seal, handle or drawer if broken but will not put money into a compressor as a new fridge isn't that much more, plus you increase tenant perception when you have new appliances.

So its just buyer perception.. and your dead on right.. when buyers compare websites they tend to focus on the bottom line number and not really dig into anything else.So you has a vendor who is going to be full disclosure trying to compete with a vendor that is excluding the variable expenses and human nature is the buyer focus's on the larger return and thinks those are better deals.Now I have never been a turn key company but I have owned hundreds of these assets in pretty much every market in the mid west from IL to FLA and everywhere in between..

That massive popularity of "cheaper" has inflated OH prices, it's simple demand-supply curve mathematics, get all kinds of out state $ coming in to buy on perceptional value and they change the metrics of "fair market value" too perceptual value vs market fundamentals.