Excel is perfect for me now, but I am sure I will need to "upgrade" down the road.

We're working on fixing the violations listed (crack in the lintel, broken window pane, loose deck board, etc), but how will/could this impact our case on the tenant? 

Have you broken them down into yearly, quarterly, monthly, weekly, and daily bite size bits that you can attack?

I sometimes do this at lease renewal time, offer them a choice of upgrade (of course this helps increase your property value AND make tenant happy.  

I used Quicken Home and Business for many years, then upgraded to Quicken Rental Property Manager in 2009.  

No issues for you, just give the details of work performed, and a reasonable cost for the work, broken out in 5-6 categories.  

This also came to light after we just upgraded the entire Circuit Breaker Box.

You don't want to hear "The hole in the wall and broken screen were always there."

Taking a shot in the dark before I read any comments, to see where my own head is at regarding investor psychology.With the 1 unit already rented, it looks like your coming out of pocket $1,150/month.Plus $1,400 in SL and Car NoteYou have $20k in free cash that's not currently earning anything, but has the potential to earn $1,300/month or $15,600/year.That would mean your RR on the $20k would be 78% if you do the necessary upgrades to rent the 3rd unit.The $1,300/month also means you'd be living rent free with a cash flow of $150/month.

After a year of trying to find time to do the upgrades ourselves, we finally hired the rest out and have had renters for about a year.