You are ultimately trying to attract solid renters.

It seems like there's a lot of exciting businesses in the pipe and access to Wayne Junction makes it a very attractive area.

Somewhere between 10-20% Annualized is realistic/attractive. 

What attracted me to this property is that it is sitting on a 11,144 sq ft lot.

Like you mentioned, @Jay Lohn, it seems like a reasonable investment in tenant retention.Since we're currently owner occupying one of the units, there are some pretty attractive improvement loans that we could take advantage, so may now be the time to do it.

Of course, if the place is dirty or not in ideal condition, I agree with the previous posters: wait until he’s out so you can get it in top condition to attract the best tenants.

It's a nice up and coming centrally located neighborhood with high property values that can attract high end tenants who are willing to pay for the more high end housing.  

I mean a covered porch is a feature in and of itself and is part of what would make  a house attractive to a buyer and in most cases is part of your curve appeal. 

All other aspects of the deal remain attractive but we couldn't get comfortable taking on the large project without having someone in our group who was closer to the park.We have an extensive set of diligence documents that we gathered during our ~2 month inspection period.

I keep my rents slightly below market to attract these tenants. 87.2% of BP “tenant from hell” post have their basis in bad or missing screening.