@Josh CarriereCan the utilities be attributed to a single unit and set of tenants?  

That means that even though cashflow-wise, I am in the same position as I would have been by renting, I have increased equity in the property (net worth) of $7,500.Unlike rent, everything else I pay for is a tax deduction with the exception of the portion of some expenses attributable to my personal use of the property (the 12.5% of the property I use myself) rather than my business use of the property (the 87.5% of the property that I rent out to others).

Just FYI, the property values were skyrocketing  prior to the announcement of the stadium, it's just being attributed to the stadium at this time.  

Therefore, the 1500 to 1600 would eat into any rental increase attributed to the renovation.What are your thoughts on this?

Although it occasionally happens, you usually do not get a tenant candidate with a great credit score, no debt, incredible income, good neighbor skills (add your list of perfect tenant attributes here) on your first showing.

Of course the obvious other attributes is how much they bark, and how they are with other people (remember, normally other tenants live in the same building!)

Then at least you are attributing a return on the dead cash (including any appreciation) with a return equal to your prevailing mortgage rate. 

Then, in the lease, be sure to specify that the units are there solely for the tenant's convenience and that NO portion of the monthly rent is attributable to those appliances.

But, chances are the tenant’s success is much more likely attributable to a dumb landlord.

@Joe FairlessI really like the scratch off lottery ticket idea, if someone wins they will attribute the winnings to management which is wonderful!