I'd choose inexpensive upgrades such as white subway tile and white penny tile, grab a vanity that's more modern and clean off craigslist or from home depot. 

Heart pine floors, tall ceilings, tall windows, large moldings, new subway tile bath/shower, new heating and air.Gross rents $75,000 annually.

The property is walking distance to the PATH train (subway) into lower Manhattan, so rent rates are increasing and we aim to appeal to high earning tenants.

Relatively close to subways, shops, restaurants ? 

While I currently have a great full time position in the industry, I need to be able to commute via metro north in Westchester or the subway from the Bronx, into Manhattan daily.

And if anyone does decide to start the cookie baking, i prefer white chocolate macadamia!

Nice hook, I thought you were talking about SUBWAY, LOL!

If you put a jimmy johns directly on top of a subway they are direct competitors.  

The lot is actually next to our Subway in Boston in a very very ideal location.  

the same money put into a few Macdonalds resturants would make you a very nice living or a group of subway sandwhich shops or a a truck stop or any other business.. its a business when you at that asset class and those number of units.I can't tell you how many times I get a ping from someone with 100 to 500 of these who wants to exit only to find out that folks with purchasing power of 2 to 5 million the last thing they want to do is buy low end rentals with no upside.. they will buy a nice apartment complex or commercial building with national tenants who are not to be confused with 450 to 700 a month rurual or inner city tenants :)