Is spending thousands on a sprinkler system worth it or do I have other options? 

So spending 200k on an ADU will likely not increase your property value by 200k. 

Better to spend $60-80k for a conversion than over 120k.  

IMO, the best strategy for that type of individual is to purchase residential property in an area they are or can become familiar with; in an area where the neighborhood is “on the rise”, typically where demand exceeds supply and people are spending $$$ on fixing up properties.  

Don't spend your time with other agents as a focus. 

When you invest, it is a good idea to have a 5-10 year hold horizon that you are planning for, not just looking at the immediate situation in an area. 

If you plan renting out this property, that cost recovery comes from cash flow (equity doesn't count). 

And how much would you have to spend in order to get market rents?  

So far, nothing.The point is that I believe people spend a lot of money, time, and effort protecting themselves against a non-existent threat.

• The “Tour Guide” makes the opposite mistake: they spend all their time pointing out flaws and justifying a low offer.