You would have to improve the property (dramatically) at great expense to actual meet that definition and use it as a townhomes.

. $250 per turn would be for larger unit and very good job.  

That's a low-return improvement, compared to say new bathrooms/kitchens.IMHO, if you expect to increase your net through rental and market appreciation, consider the length of time it will take to realize that goal—many years. 

well I am one.. and pretty sure we have had props in Euclid.first one we had gouged the heck out of us.. second one is small shop and she has done a decent job if you ask me.

Cash Payment: Paying cash for improvements is often the most economical way.

RE is a get rich slow game and there are increasing number of people talking about how difficult it is to retire from your day job even with large numbers of rentals because cash flow is thin.On the one hand there is the Small But Mighty portfolio mentality which I believe is a book in the BP store by Chad Carson.

Are you doing any capital improvements to the park?

While my insurance charges are relatively low each year given this is a condo, I learned to better assess who is behind budget planning at the HOA level for all of the units for roof, cleaning costs, basement improvements (shared by all units), given this was run well by one individual.

I’m sure they have people who do that kind of thing as part of their job description. 

You'll be fine, especially if you're using additional equity contribution to improve the property before your refinance.