It's also a nice bonus to be in a neighborhood that you may want to continue investing in or live in.

Bonus depreciation is being phased out, so we must capitalize while we can.

The other two are bonuses!  

When I bought it, the returns were looking nice at a $1,100 per month rent estimate but it's nice that when construction was completed the market rent was $1,275 per month so that was an extra bonus of $175 per month per unit (or $700 per month total) over my initial cash flow projections when I signed the contract to buy the properties.

I perhaps could have gotten a better rate on my mortgage and of course not having mortgage insurance to pay would be a bonus, but otherwise I have no complaints about my house.

Galvanized pipes in STL are a nightmare, and almost all of them in the city are at the end of their lifespan, good news is correcting those issues is a major bonus when buying a remodeled house.We are still seeing multiple offers on properly put together houses in nice neighborhoods, so you should have clear skies when you go to sell if nothing changes. 

A bonus is that even if I'm not successful on the first go-around, I'll have the addresses saved to send follow-up letters down the road.

Yes, but remember not the entire rehab will be eligible for bonus depreciation.  

Usually 2-3% is what investors anticipate, anything more is a bonus.

Bonus, since i'm an agent I earned a commission on the deal!