But it gives you a cap if you want it and since it is not tied to you or to any of your accounts, if it gets stolen, there is no harm done to you.

After having the entire HVAC system stolen 1 week after closing, we have stabilized with tenants and positive cash flow.I have read many FIRE and REI book and listened to endless podcasts. 

Drive the surrounding blocks and note if (a lot) of the properties have window units.If so, it might be norm for the area.Also talk to 2 or 3 top selling Realtors (in that area) and get their take on the value add of central A/C and how common it is in that area.Not to say you can't be the only one offering a central Air unit in that area, just go in with enough information to make a reasonable decision.Window A/C comes in many different AMPS, if renter A brings too big of an amp draw for the circuit it must plug into he will blow fuses or breakers all the time.If you own the window units, you can have a dedicated circuit run that matches the AMP load of the A/C, in which case using a sleeve unit makes sense (they are a little different than window A/C), because it does not block the view, and you can mount it up high and let the cold air fall, or mount it down low out of the way.The downside to window and sleeve units is some renters will steal them and then claim to not have stolen them, so you have to ding their security deposit for it.And like @Bruce Woodruff said, there is the minisplit option.

Seems like his ROI on that $25 would have been pretty good- I mean, he was making $0 per month AND being stolen from. 

I think a good effort was made and no normal judge would rule against my relative if some claim of stolen treasure was filed. 

I never have to worry about lost or stolen keys again!

With in a month, 50% of the fence was used for fire wood and the appliances stolen.  

I have done it once because an individual was using stolen identity and was trying to launder money via a real estate transaction.

Thats the easiest way to get a deal stolen.

I would think they might also be more likely to be moving into an apartment next and so not really have a need or a place for any appliances or fixtures they might like to steal....Those "stolen" appliances can be sold easily, especially to landlords who look for such items on CraigsList.