Pay attention to the condition of the big ticket items like the roof, furnaces, and windows, and lastly check if they’re separately metered.

The phone / Internet line item - can you give more details what exactly thats for?

Other action items are getting quotes from architects, engineers, and GCs to see if you are able to financially do this type of build out.  

For the upstairs, I’d prioritize the “first impression” items—fresh paint, new flooring, and a clean vanity go a long way with renters.

Before you buy anything you need to spend a ton of time before offering and during your inspection period figuring out all your expenses, deferred maintenance, and future maintenance items as best as you can.

We have a rubric that we use for the background check, LL feedback, rental history and income into that gives us an up or down or if someone is borderline then we employ risk mitigation items like double deposit, or LEAP policy. 

I would not go into thinking it needs 150-240K I would get a quote from a few contractors, or licensed subs to say it's going to take X to get these items done. 

Let them tell you what to tweak now so you’re financeable later.Sequence the inevitable upgrades (sub-metering, life-safety) early so you’re not paying twice—those items help with both current financing and future conversion.When does conversion not pencil?

We'll want to discuss any projects you've done in the past, what you'll have into the project, the scope of work, the contractor, and other items, but we love this type of project...and we're close by.

Make it a top line item.