Resale value is the one piece I'll look into that might be worth it.

I know with the single fam that I own, it gave me a lot of piece of mind when getting it listed. 

We decided not to renew because we had not done the screening piece and there was going to be a major increase in the rent.

The biggest issue I found is that contractors won't give you an accurate bid unless you tell them exactly what you want to do so the Scope of Work is the most important piece of the puzzle. 

There are a few court cases that have been commonly cited to support contributing the property into a separate, different, and distinct entity after the 1031 Exchange has been completed. 

It is worth the piece of mind and will provide better service to your tenants.

I get every other type of junk mail so one or two more pieces is not life shattering.In my market, getting a decent MLS deal is like winning the lotto. 

Think of it like a pie, you get 4 pieces of the pie and can choose which one is biggest, but to have a bigger piece the others need to be smaller. 

The paint is starting to chip and one piece actually fell off from being rotten.

In response to your question about a purchase with an initial cap of ~5% equating to a great long term investment - equity growth potential is certainly part of it, but I’d argue that the propensity for consistently increasing rental rates and the stability of the overall rental market are an even bigger piece of that puzzle.I can’t really give you a definitive opinion on your specific situation without knowing more about the current make-up of your portfolio or your goals for passive income.With that said,  there are absolutely  methods to reposition equity in high growth potential properties to more income-centric opportunities within our market.