How much rent do you think the market will command?

Builders generally command closer to 10% staggered up until closing. 

Primarily, home prices in the Houston Market are high relative to the rent they can command.

You need prime property to command prime rents.

It also sounds like his condo is relatively newer, given the rent he used to command.

Those owners are savvier and are commanding a premium right now, unless you find something off market.Your other option would be to borrow against the property and pick up a few more.

@Luke Larkin obtaining a HELOC will be easiest (and command the best rates) if it is against your primary residence.

Goal is to keep the rental for many years, so would like to have these things in order to offer more value and command a higher rent as they are not standard in my market. 

For example, 1) the degree of the managers fee can vary and has an impact on the IRR (the smaller the fee the higher the IRR, all else being equal); 2) the profit share percentage of the syndication manager is not equal across all deals; 3) investor prefs can boost their IRR; etc.Typically, a newer more inexperience manager will not command a high management fee nor a high profit split percentage. 

He felt that by adding better finishes, the house will command a higher value.