The plus side is the airbnb supply has fallen and we have noticed a HUGE increase in our gross STR rents, roughly 20% higher then a year ago.

This allowed me to save over $1,200 per month on my payment and also increased my principal paydown by over $400 per payment compared to financing a new "high interest" loan! 

Subtract depreciation, explained here:https://www.biggerpockets.com/forums/51/topics/1121063-expla...Because of Step 2, depreciation, many cash-flowing rentals end up showing $0 net profit, resulting in no tax increase and sometimes in tax decrease.

You can't count on a guaranteed annual increase in rent. 

When renovating a walk-out single-family home to create a separate legal unit in the basement, removing the interior stairs can increase usable square footage and enhance security between the two units.

Personally I'd rather sell or trade down @Bob Willis. if I needed to increase my lifestyle which I don't.

I was told it was due to the value increasing

The multi-family market has remained strong, and if rates decrease I think we see more buyers in the market irregardless of property tax increases.

, and at a 2% average yearly increase in value of the condo, it will be worth about $60,000 more than when it was purchased.

The property had good bones and a solid structure, making it a great candidate for renovations that could increase its value.