The answer to this can be all over the map:
The Owner's objective/goals can be the biggest factor;
* are they trying for Tax avoidance?
* do they want to maximize the rent by updateing the place and keeping it up?
* do they want to maximize the profit by not putting a penny into it that they don't have to?
* what is condition of the property now; does it need work or updating?
* what do the Comp's look like?
There are many factors; no simple answer.