Here is a worksheet of the current multi- portfolio of properties for sale and the basic information. Each investor has their own formula for success, but there are enough variables here for you to work the numbers. I would say 10%-15% of the properties need a new roof,siding,windows, furnaces, etc in the next 4-6 years, 10-15% of the homes might be considered cosemetically out-dated (updates needed kitchen, baths, etc) but all investors understand this is the reality of ownership. My rule: push for the longest life of these items as possible depending on how much the improvement effects the monthly rent value. If you click on the picture, you can download the excel file to work your numbers.