On a side note, I'd tread lightly down this path, there's a lot of grey area here that could very easily be interpreted as a fair housing violation.

Tenant likely uses stairs just as much.A few of these stairs have some damage to 'treads' - few hours and some patch needed. 

multiple partners In one deal and the partners don't know each other is running up on a securities offering or deal you may want to tread lightly there.do what @Brie Schmidt  does compartmentalize them one investor one deal.. no pooling pooling of investors into one deal is a BAD idea unless you have a PPM structure and adhere to the securities rules.. you take on a ton of risk doing that. and way to much for just little vanilla rentals.

My family currently rents a 950 sq ft apartment and honestly, I'm just sick of barely scraping by so I'm going to stop treading water and begin doing something!

That's a broad brush, I know - but in general I think people chasing more yield are finding that they have to tread more carefully lately.

But you also have to tread lightly. 

The property would just kind of tread water and be nice to sell when the market is right. 

We have done this in locations with solid wood stairs... painted the staircase and put down carpeted treads. 

I would tread cautiously as you assess this route.

As well as floor boards and step treads at the deck need replaced COMPLETE TEAR-DOWN Mortar Joints in front porch steps Front sidewalk is spalling.