So I'd be doing my best to get the highest possible rent/revenue but without needing or counting on that.What you refer as cut-throat competition exists in every market where you have demand.

I currently have 3 partners that I can count on if I find something that makes sense for both of us, or in some cases, all of us.

To answer your question though, yes home improvement and marketing counts.

Check the multifamily and investment forum where those are discussed heavily.Apartments 4 plus especially not brand new and remote count on about 70 units or higher for scale.Very dangerous to own 10 to 20 units out of state that are average type tenants and older buildings.

I agree that it likely doesn't count for concessions.  

Unless you count "hope it goes up" as an asset.

If things work out with this 2nd company, and I have one operating rental in place of two empty lots in North Port, I'll be happy(ish). ya I built 3 up in the Ocala area took way longer but they got done and we did make a very small profit on them but I count that as being very fortunate.

Properties within the same neighborhood, similar bedroom and bath count, similar square footage, etc.

I’ve had to check myself more times than I can count, but that’s part of the growth.

If you rent the basement room to someone or market the house as a whole counting the basement as a bedroom and a fire breaks out and someone dies or is injured in the basement without an appropriate egress from the room you could be liable for all of that.