@Austin Berlick I would get a little more feedback from the past tenants and ask for any recommendations on how you can improve or what they liked most about the place.

If you do some value add, you'll gain on sale plus have the benefit of having lived there for free for a little as the tenants paid your mortgage, and, there is no carrying cost while you do repairs or improvements - it's your primary home, so you're not losing anything by carrying that mortgage.

In a competitive market like as Charlotte, using different tactics at the same time can also improve your odds of discovering profitable off-market options.

Do you plan on doing these improvements before anyone moves in?

So from my understanding from your responses, it is possible to achieve market rates on properties without having to make necessary improvements and additions since units just need to meet minimum quality standard for section 8.

Centralizing your staff and moving parts in a single system will improve your operations and guest experience because it will help minimize the chance something will fall through the cracks.

It sounds like you'll be improving on top of a ground lease issued by the municipality. 

At 5.75%, I don't know that there a ton of room for improvement in the case of a future refinance, either, so I wouldn't expect the payment to drop by a large amount. 

Bonus depreciation and Section 179 allowances for improvements can be utilized, with the latter, however, capped at zero to prevent negative losses.

It really performs a perfect job of improving the taste of the water significantly.