We spent a chunk of money rebuilding, washing and repainting the brick exterior, and landscaping the yard.

It basically becomes a wash and higher risk.

I highly recommend you check out some different markets and providers before you call it a wash.

Was he b.s.ing or is there some kind of knowledge I have yet to learn about first mortgages?

I grew up in Mitchell and have been to Washing many times.I own several rentals/rent to own assets around there as well.I love the small & rural communities to invest in.  

The whole house is being gutted, washed from top to bottom. 

For example, I might want to look at things that I can depreciate (roof, washing machine, etc), as well as things I can deduct.

I asked him what his hold back was. He

That way there you charge more for the wash and include the dry for free on a non coin operated machine.

Here is what I have so far: Add wash and dryer unitsStainless steel appliancesUpdate light fixturesNew hardware for bathroom (cabinet, sink, shower)New hardware for kitchen (cabinets, sink)Build a fence around ground floor patio Build carportsRUBs programCharge for garbage pick-upAmenities based on demographic (soccer field, BBQ pit, etc.)Adding an extra roomFor other multifamily investors out there, what are some ways you've added value to an apartment to raise rents?