@Val Williams - Glad to have you join the BP community, you won't be disappointed. 

If I get appreciation/refinances that's awesome but I am not factoring it into my plan because I would rather have it be a pleasant surprise and a boost than a disappointment that it didn't go as planned.

Anything less than big things would be a serious disappointment.

Then look at the cost of reincorporating the mother-in-law suite into the main house including heating, making the layout natural, and upgrading the finishes.I will give props to creativity on thinking of this value add as the typical direction is opposite of what you propose and the investor is often disappointed with the value associated with the ADU. 

But if your agreement has no such provision, then you're stuck.You may want to have a talk with the Owner and express your disappointment.

For my investment properties, I use a software that's free called " Stessa" Check it out and you wont be disappointed.

Human interaction, highs and lows, disappointments and thrills, are all very important experiences that will make you a better investor.

I think you'll be mostly disappointed with all management companies.  

Those that are doing a basic breakdown for year one cashflow expectations are bound to be disappointed and/or end up purchasing in non-ideal areas with little to no appreciation over time.As far as the city goes: generally you'll see new builds all along the out rims of the city but more of your concentrations of small multi's will be in the inner pockets.

I wanted to see what kind of options were out there and you guys haven't disappointed!