As long as you stay invested and let your hard earned capital continue to grow, you can pick your spots when a real estate opportunity offers outsized returns comparatively to other investments. 

if you are going to do things like include utilities, or have an off street parking spot, other amenities etc, there's no reason in my mind you couldn't "charge a premium" for a premium unit/service. 

Lesson learned.You’re also spot on about the equity.

Be sure that person who referred you is in a similar financial spot / need.

I think you want both, cash flow and appreciation, that is the sweet spot.

Your approach here has definitely given me a lot to think about in terms of spotting hidden value.Curious, with the deferred maintenance challenges you faced, was there anything unexpected that came up during the rehab that you’d approach differently next time?

I think you're in a great spot and are asking the right questions.

It doesn't take long to learn how to spot a good deal.6.

It's spot on. 

It doesn't take long to learn how to spot a good deal.6.