I'm going to list a few considerations, including yours, and there're certainly more that can be added to this list:leveraged rentals tend to generate tax losses, thanks to depreciation and various methods to dial it up.

That equates to $12.50 in tax.It would be added on and it could be used to open up another year's return in which you did have losses.Sorry if I was confusing about tax, having paid self-employment tax my whole adult life, I think of it as SS, and I'm so resigned to taxes that I didn't even realise we weren't paying any SS on our RE cashflow.

Which you can pull the ADR and occupancy from Airdna and then multiply that times the rooms.One thing I want to point out with commercial properties like this.... it's important that value to the property can be added.

If you have a parent or relative with a credit card, ask to be added as an authorized user...provied they pay their bills and have great credit.

I think a lot of value could be added to these properties with pretty simple improvements that I can do myself, but I know with older properties more substantial repairs will occur.Basically my question is - based on other investors experience - is it worth it to take on more of a risky property (older and in a worse area) that will cash flow in order to keep the ball rolling in my investing?

That document will be added to your taxes when you file and that income will be factored in.

Not sure how large the units are but one idea would be adding w/d hookups within some or all of the 6 units which then allows the tenants to buy their own washer/dyer if they want.

If I just refi I get far less cash to move forward with.Example:  PV = $100k;  Equity = $40kREFI - Only 60% LTV = $60k leaving $20k cash to move forwardSell - $40k moving forwardREFI usually has higher closing costsEither way works, however if this is a strategy you repeat, you will be adding a property with every repeat. 

What are the best value-adds that can be added on to a home?

I just went through an 8 month process to have my garage (which wasn't on my deed) granted a variance (it's an odd size) to be added onto my deed and also have construction approved for roof deck etc.