They kept fees static during the recession, and we (I've been on the board of directors for the past 3 years) only began to raise them again two years ago with a 5% increase, and again are considering a 5% increase next year.  

We still haven't seen the lease rates come back to pre-recession highs.

Level 2 River White Granite and Venetian Gold Granite are two other options I'm looking at...The home is a rental property which I'll either move back into or sell in 2-5 years.Above - Agreeable Gray wall w/ floor tileView of the kitchen (these are the old cabinets which I'm using until the new cabinet installation)Another view of the kitchen (before the recessed lighting install)...you can see where the island is going to go.Thanks!

So you were able to live through a couple of recessions in the market.

It's 20 years later, we've had a major housing recession, and I'm in the Southeast now (Alabama).

In a recession they can decline much more than than an apartment would.

@Daniel Holtz That cash-flow for sure looks tempting but let me just give you a few considerations.1) Contingency Plan - Hypothetically let's say we have a nasty recession next year just as you finish the rehab.

Another scenario is if we experience another great depression, or prolonged recession. 

In the middle of the each mirrored tray is a 6" recessed light.I have had a few friends came by to visit while I was doing a bunch of repairs and the comments I got as soon as they stepped into this area were:"wow...man cave""speakeasy?""

Some conduit outside and both of the 800 sqft units got a new panel, 5 in wall heaters, 2 fans, basic fixtures (not recessed lighting) and outlets to code.