We have taken several out, and replaced with overhead or recessed lighting. 

Downside is vacancies may rise during recession, so underwrite conservatively.

This was probably one of those half-empty properties sold at a huge discount during the last recession.

You could put that $5000 into the Lending club which offers loans to borrowers,  which is a market that is uncorrelated with real estate,  and has historically done well in recessions. 

During the recession, I was forced to liquidate my properties because my tenants could not pay rent and I developed a negative cash flow.

That house you're looking at may sit just as it is for years to come because the owner isn't paying and the bank can't complete the foreclosure process because of defective paperwork due to the Wild Wild West lending practices that led to the recession. 

I think the most likely events that will trigger a downward spiral are a recession and/or a faster paced Fed tightening of the money supply.

"A recession is a bad thing to waste".

Certainly that would spike interest rates.On the flip side usually in a recession private equity in the US transitions their money into treasuries as a "conservative bet" to ride out the recession.

Best alternative I know of is the old 80/10/10 is back. 80% 1st mortgage, 10% 2nd/heloc, and 10% down = NO mortgage insurance.It's available in limited states for well qualified borrowers and is a great reward for those who kept their head above water after the recession.