My recommendation, based on the apparent age of the tub plumbing and fixture, would be to remove the tub, change the window to a high short window (you do not want shower spray deteriorating the window and frame), replace the drain and waste line as well as the faucet and supplies, adding a shower riser.

I like the idea of keeping it side pocketed in the event rents / other business conditions deteriorate, but the restrictions around sales of collateral in particular worry me.     

Over the last several months we seen the collapse of the subprime market which funded loans to those who were credit challenged. More than 2 dozen companies shut their doors while others scrambled to change guideline...

Instead the neighborhoods deteriorate further.

I’ve come back to too many deteriorated situations (leaks going on too long, etc.) because the people didn’t care to report the issue promptly.

With these elements I imagine a considerable amount of deterioration to go along with that.

I remotely did a substantial rehab on a home that had termite damage and natural deterioration from being across from the beach.We went down there for a week to do walkthroughs with contractors and quickly zeroed in on a young contractor that was smart as a whip.  

I think when neighborhoods deteriorate from too many slumlords property values decrease, which hurts investors as well as communities.

Any odd dark stains under windows, even at floor level, could be a sign; as could deteriorating sheetrock around or under the windows.

That unit deteriorated rapidly developed a cracked condenser not worth fixing.