If you plan on eventually selling, central air would add a significant value increase, so you may consider if that's the case. 

@Mark Toweya couple things - from the seller's perspective, it means the seller doesn't have to wait the full 30 years to get the proceeds, and from the buyer's perspective, hopefully in that 5 years appreciation and maybe some updates have increased the value such that when you refinance you don't have to bring any additional cash.  

The return of installing one is not 1 to 1 but will increase your properties value. 

(make sure you are budgeting for maintenance and management if you plan to use it) Rent will increase over time and your property will continue to appreciate in value. 

If you want to be in the short or mid term rental business, I would go and try to learn about how to run those kinds of rentals because its a completely different kind of business than long term rentals.

Why would you take your cash, and spend it on a property you don't need to spend it on, instead of using that cash to increase your properties,...and income.

Maybe she will find a niche in your future business that suits her, but there is nothing wrong with you guys having separate interests and abilities.

If the property is solely tenant occupied you will be looking for a Dwelling/Fire Policy (may be called a Landlord policy or similar name) or a commercial policy such as a Business Qwners or Package policy.Most homeowners or dwelling/fire policies include:1.

By the time he covered eviction costs, lost rental income, and re-renovated after tenant turnovers, any potential gains were erased.Seven years later, his properties had appreciated to about $130,000 each—a 62% increase on paper.

Low down payment, but you would be increasing the value of the property with your own cash.