You will open yourself up to a lawsuit from the tenant as well as further enhance tensions with you and the city

I don't think anyone thinks they will take Uber type share quickly but 5% seems like a decent deal for peace of mind and to not have to do too much in terms of repairs etc. just to enhance curb appeal if the seller even knows what to do. 

Being able to easily change locks enhances security for new tenants at turnover time.

@Angelica RoseGetting a grip on personal finance is the first thing you need to do in NYC.

I currently own a 16 unit apartment complex, and I’m looking to enhance the curb appeal, specifically at night.

No way in hell I'm spending 70 hrs/week on a new career just as a way to enhance my real estate investing portfolio.

Rental Registration at cor.net On August 12, 2013, the Richardson City Council adopted a number of enhancements to the Rental Registration Program to create efficiencies for property owners and tenants including: • Interior inspections are no longer mandatory but are highly recommended to ensure the property adheres to regulations designed to protect the safety and welfare of the tenants.

You seem to have a good grip on the math.

Provide all of the above for low margins on a property that is not going to enhance the portfolio. 

In later phases you're holding what you've got and may choose to pay off your mortgages to enhance your cash flow.