I'd recommend to first look at where you'd like to invest it to see if it's feasible or if you need to adjust your buying criteria.If you're not in the market for something new then I'd look into adding an ADU on the lot and upgrading the windows on the main unit to triple pane glass so that the noise doesn't bother your future tenants.

By the time you want to rest on your laurels, it would be good to have your loans not only paid off, but are also ahead of your future capex, meaning all major things already upgraded.

Show some cherry picked comps and be specific on why the value should be lowered, making sure to site current condition if anything needs upgrades, etc.

There isn't any annual tune up with this contract, but if the heat is broken, it will be fixed. 

Have rehabbed and upgraded several times during its twenty yr rental history.

This can range from minor cosmetic upgrades like new paint and flooring to more extensive work such as replacing the roof or plumbing.

But knowing its value is key for taxes.IMPROVEMENT VALUE:This is the value of all the upgrades you make to your property – like a new roof or an updated kitchen.These improvements can be depreciated, which means tax savings for you.3115:Filing this form can allow you to claim missed depreciation from past years.Basically you are letting the IRS know that you are moving from the standard deduction to an accelerated deduction.RECAPTURE:It's payback time!

How long will it take to do the repairs/upgrades. 

If you cannot physically test this appliance or system, then you must assume it is broken and will need a good deal of money to be replaced or fixed.5.

Look for opportunities to increase your income, like a higher-paying job, a side hustle, a new business venture, a new real estate investment, or something else.Avoid lifestyle inflation: As your income increases, you may be tempted to upgrade your lifestyle, but not everything you buy will increase your net worth.