Definitely depends on your particular market, some are too hott to wait for this (although that is usually another warning sign about high prices). 

A light finish upgrade to a property would need less contingency than a complete gut project.Profit Profit is typically calculated as a % of the ARV, but you can calculate your profit based upon the COCR or Annualized ROI.% of ARV Profit Calculation = 15% profit * $200,000 = $30,000

Please shead some light on this simple but complicated subject for me. 

You have now been warned.

I at first assumed you over built for the area (done that myself) and was expecting to see granite counter tops, tiled tub surrounds, recessed lighting ext.

I suppose the theory was the lighter color would brighten the closets that didn't have a light, but it's just not worth it.  

Dont get me wrong though I highly encourage anybody that wants to work for himself in the Real Estate field but I did want to give you fair warning that it is a long process.  

Much is happening with light-rail expansion and and curious where people see path of development?

In Virginia $1 a brick is light, your probably looking at $10-$15/SF depending upon location and sit conditions.

For units with dishwashers, I provide a small bucket of dishwasher detergent pods with a warning not to use regular dish soap in the machines.