What if you're a cardiologist with no debt and making $250,000 annually?

Talking to an appraiser early is a smart move—they can guide you on what improvements will add the most value.Don’t forget to fix any deferred maintenance and highlight unique features like tall ceilings or original hardwood floors.Let us know how it goes, and feel free to ask more questions—we’re here to help!

We don't need sprinklers here, but if we would, I'd either do that or replace the lawn with gravel or something else maintenance free.

. - Fortunately, our transparent systems allowed the owner to catch it:)- Full transparency - we would have never caught this honest mistake:(An owner also needs to be involved to approve & fund large expenses: maintenance, property tax & insurance payments (if they want to be more hands off), evictions, etc.A great PMC should also have a chat with you annually about your future plans for a property and your portfolio. 

If this property is hard to rent, or is functionally obsolescent (only 1 bathroom, no yard, etc), or has deferred maintenance that will be costly, or is in a location that is not appealing to Tenants, then maybe a sale would be a good option in favor of a property that has better Tenant appeal, which will likely increase rent and avoid long vacancies in between Tenants.An option to consider....

@Bryan HartlenManaging low-end properties can be demanding due to higher tenant turnover, increased maintenance needs, and frequent rent collection issues.

Instead of doing a 3-yr bullet you may consider making the note adjustable at 1% escalation annually past year 3.

You state there's a lot of deferred maintenance, then state it is a remarkably well maintained property.

In our area, the housing authority does annual inspections to (mostly making sure the landlord is keeping up the units) review the tenant and the landlord. 

If I were you I would get a good flavor from the tenants how they interacted with the previous owner, essentially, how they paid, how did they make repair/maintenance requests, when/why did the communicate with the owner, etc...