Barely cash flowing but tenant is great and hassle free and it’s in CA so appreciation and blah blah blah (everyone knows that stuff). 

My good buddy from college wasn't so lucky, he got jumped by a Grizz out fishing one day on the Russian River, didn't have time to draw and the bear chewed his face off (he survived just barely but lost his eyesight, sense of smell, entire face and part of skull, spent a year in the hospital undergoing many surgeries, etc.).  

The absolute bare minimum on a property with every major component 10 years old minimum.   

However, I have had situations where they were driving high dollar cars, they were dressed to the hilt yet their income barely made my minimum requirement (3x rent).

I've found that most properties I run the numbers on barely generate a positive cash flow due to such high purchase prices.

My family currently rents a 950 sq ft apartment and honestly, I'm just sick of barely scraping by so I'm going to stop treading water and begin doing something!

I completely gutted it down to the bare bones and replaced everything pretty much. 

It's attractive for finding good tenants immediately, but often the price point and the HOA make it barely profitable. 

We need advice on prepping the bare surface so the paint will adhere and not just peel away like we are seeing with the current finish.

Should we keep the property and fix only the bare minimum, or let the property go?