Lots of ways to improve the situation.   

You would think with a fixed rate loan the COC would improve over time but the other expenses are so large that the COC stays about the same year 2 to year 5.

How much have you over-improved the property?

Photo quality is important to drive traffic, and staging can improve photos and prospect appreciation during tours. 

Since you and your wife have renovation skills, targeting properties that need minor improvements can maximize your return on investment while minimizing the time and cost associated with major renovations.

Unfortunately many of the improvement costs do not deviate greatly when you’re renovating a lower cost property  in a particular market compared to a more expensive property  in the very same market which makes it difficult to absorb the improvement costs in some areas.

Success often comes from picking properties with strong chances for rent income or those that can be improved in value.

Moving to a portfolio model—where a pod (1 PM + 2 VAs) manages all aspects of 200+ units—streamlined operations and improved accountability.

I am optimistic that things might improve with this change, but I would not pay again just to find out.

The short answer is I look for 9% min and try to press it to 11% with those strategies along with rental increases once improvements are made and the tenants know you actually care about the property.