Today, I don't believe that an upgraded kitchen/bath area and a general fancy upgrade produce enough additional rent to justify their cost - the neighborhood is still attractive to folks looking for more of a bargain on rents.

It produced more than $300 a month in positive rents during this whole time.

Now that I have 4 income producing units her tune has changed.

@dean HarrisHow many personal rental homes do you own under $50k that are producing well and have been for several years? 

Upon COE, in your introductory letter, I would produce the new 'Rules of the House' and mention each item. 

We have a business which will produce decent cash for us in the next few years but it is only scalable to a certain point which is why Real Estate investment is a perfect fit.

The downside is it takes time and a lot of money for it to produce results.

How much income is the property currently producing? 

Lot rents at $250 and running at a 40% expense ratio produces only $16k/year net  Is it worth it for the massive amount of work this place will require?

I own 30 properties in western PA that produce cash flow, but no appreciation.