That sounds like a great success to me, setting the 'disappointing' profits aside. 

So many of our borrowers come to us looking for cash out refi's and expect little to no closing costs and walk away disappointed knowing they have to save up or come up with some liquidity before they can refi out.

Just don't be disappointed when they don't look as good as new.

Right now what you are doing is the equivalent of getting on the treadmill, walking for 10 minutes, and then getting off disappointed because you see no progress.Good luck, hang in there, do not hesitate to contact me if you have any other questions.  

If you only look at the income it produces, you will probably be disappointed. try looking at the cost of ownership, maintenance in its many forms.

I also am a little disappointed by how much air time these crowdfunding sites are getting on the biggerpockets podcasts.  

It’s agreed that lower demographic properties have greater volatility and a much greater chance of having a disappointing (if not outright negative) ROI for longer stretches, due to evictions, turnover, lack of good tenants due to high unemployment, and general social pathologies and bad financial habits among the lower-income tenant group.

Likewise, I can't be too disappointed. ;)

There's a lot of disappointment to be had in the process (you need to manage your expectations). 

What I am about to say might not be a surprise to more experienced investors, but being so new to real estate I was very disappointed when my loan request got rejected by my local credit union.