Yes - if "value add" things have been done to improve it; or if the general area has a tight housing market and there is an appetite for this type of home.

I'm curious to hear about others' experiences with implementing their plans for initial improvements.

I don't blame you for cutting the GC out of the deal, but there are a few things to consider; you might need a statement from a GC at time of sale to certify that all improvements were done in a professional manner.

The answer to their question is whatever you paid in 2013 plus major improvements done since that time, if any.

He did give me an idea of how the area has progressed over the years in which he did say it has been slow and somewhat steady progression when it comes to improving the neighborhood.

You need to pass "material participation" test and personal use test, but that's for your future tax professional to explain.Yes, bonus depreciation is possible, but only on the current value of the personal property and land improvements.

My follow-up question regarding the fan is was there any previous issues with the ventilation in the bathroom that would justify their concerns with the mold?

another thing to consider is how much will this new property if things go well improve your financials?

Also Philadelphia is has a rental improvement fund for landlords to do improvements to  their properties with a 10 or 15 year forgiveness. https://phdcphila.org/residents-and-landlords/landlords/rent...  

Let me know if you have any listings that I can improve to market for mid term in Syracuse.