Paint gets blemished faster and needs repainting more often, especially with bigger, hairy dogs. 

Here's some thoughts on property classes.Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenants: Majority will have FICO scores of 680+.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenants: Majority will have FICO scores of 620+, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Here is what most any paint vendor will recommend:Flat - Ceilings (In my experience, apartments use flat paint on walls because it is cheap and hides blemishes on the wall better (it reflects less light).

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenants: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenants: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

But I did get written up and paid a 5k fine.. my only blemish in almost 50 years of doing this..

It is inexpensive, easy to do, and covers up a lot of blemishes.

It's going to keep coming up as an issue every time you show it to potential tenants, and down the road, to potential buyers.Similarly if you think some non-trivial portion of renters & future buyers would be put off by the train station, think hard about whether you want to put yourself in that "tough sell" situation.If you're paying market value or close to it, why choose something that already has an impossible-to-solve blemish right off the bat?

I will dispute the blemish as you suggested.

When you go over 4 loans, you do have to have 720 credit, 6 mths cash reserves on all your investment properties, and zero blemishes on your credit (i.e.

IMHO it helps to see past the blemishes.