You might be able to shave some of this number if you're running a 10% Maintenance already.  

hi there, i saw your post and i just wanted to mention a product i recently found that really has worked wonders everywhere that i 've tried it  so far.. it may not help with the bubbling/peeling paint, but in terms of cleaning gunk off walls and helping with the odor, whether it's nicotine/tar, kitchen food/grease stains , or just dingy walls that haven't seen much cleaning action, i highly recommend it. i found it at home depot : https://www.homedepot.com/p/ZEP-18-oz-Foaming-Wall-Cleaner-ZUFWC18/206680570

A non-complicated financial life is one in which borrower(s) have jobs with W2 income and/or social security income and no significant outside income and they own no other assets except for autos and household goods and possibly retirement accounts.  

Same goes for transferring to an LLC, it would have to show this as a long term investment, before doing a 1031.Acquired property(s) have to be in the same name as the entity selling the first property.

Although, with some paint-up/fix-up and a security system, you should be able to shave at least a point off the cap rate.Depending on the age of the apartments and the appliances, you might need to increase repairs and maintenance, or set up a reserve for capital improvements.

Vinyl siding so I am guessing a thin layer of foam insulation under that.

Bottom line, STR's (Thank you everyone for NOT calling them "AirBNB/s") have outpaced hotels/motels/resorts, because it's a more practical fit for the tenant/vacationer demand.

We shaved off $4k or so in labor, fence material, side entrance material, different flooring at lumber liquidators, different granite via actual granite place vs. the quoted menards source, and other small savings by making small changes.

I encapsulated the crawl space with foam board insulation and vapor barrier and installed a crawl space dehumidifier and a lot of lights. 

@David S. have you ever had the need or desire to sell any market based investments in your brokerage account to free up funds for other types of investments?