Mortgage rates will eventually come down and also improve cash flow for any potential refinance for capital accessed now.

I recommend you talk to a lender and get real clear on what you can qualify for, what you can do to improve your borrowing position, and make sure you have your finances under control.

Makes sense since those that are on the market can be found more easily, although even with them, there’s still a lot of improvement to be made in terms of how we can find/filter them.

Also, your screening process either needs major improvement or your units are in a Class D neighborhood - and this is the tenant pool you have to deal with.Why don't you "shop" your local competition and at least see what competitive units look like?

Yes, the good ones make it look easy...Thankfully, I have always been constantly learning and improving my skills so I can prevent problems for my clients. 

Even if it is paint, flooring, some new appliances, and some yard improvements.  

So, you may not need to do all the improvements you wish.

Turns out the borrower did not improvement to the property at all, and the lender has no record or idea where the $25,000 went.

Look for well-documented processes and continuous improvement evidence to identify potential bottlenecks.Market and Demand AnalysisUnderstand market conditions and future demand projections by analyzing market size, growth trends, and competitive landscape.

If the property needs capital improvements up front, it is important that the amount raised exceeds the budget by 10-15%.