When I run the numbers based on these rents, the property operates at a negative cash flow.If I increase the studio's rent to $1,400 per month, the property becomes cash-flow positive.

If you can or do trust your PM company then speed can increase and costs decrease over time. 

It will actually be more difficult for your agent to procure a buyer off market - so the work actually increases. 

That profit will increase over time and improve your return. 

Can you PROVE that the landscaping increases rents of ability to rent? 

Ideally a HELOC is used for less then a  year project where you can refi or sell to pay back the HELOC. 5 years is a long time, things can happen and if you reduce the cashflow on both properties you'll be increasing the risk and having thinner margins.

They had caught some trespassers.We have continued to upgrade our security systems as capabilities have increased and costs have decreased.  

From what I’ve read in The Economist, demand for “off-the-beaten-path” destinations has increased post-pandemic, as travelers seek quieter, less crowded areas.In my backyard, investors and homeowners alike are increasingly drawn to areas like Gilbert and Chandler due to their exceptional growth potential and quality of life.

While borrowing for a down payment is risky, increasing your savings will lower your interest rate.

In this era of increased rates, obtaining properties that will produce a good return are harder to find and often involve quite a bit of work.