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!

Growing up in a roofing family I got put to work early.  

You don't need much capital and you kill two birds with one stone -first investment +roof over your head.

The damage to the property can be handled over the next several weeks (large tree on roof, landscaping destroyed), though it is unclear when we will regain power and water (potentially weeks beyond repair?).

It can be a lot of work at times but its definitely not enough to live on because I don't put enough money back for the big stuff- things like say a new roof, new carpet, fence, painting building, HVAC repairs, etc.  

If I was your buyer, I would have liked to see an accent color on the shingled areas under your roof gables, but again a lot of this is personal. 

College kids and someone of that age under the same roof tend to butt heads....Here are some key things I've learned after 4 years of landlording/house hacking: 1.

Your mechanicals and capital expenditures are a lot more important and more expensive to fix than a pretty kitchen. its better to live in outdated kitchen and have a well kept home with updated mechanicals/roof/hvac than one that looks pretty but will start to crumble5.

They have a ton of equity >$100K, <3%, but older home in need of roof, A/C, and water heater in next 5-10 years.

You CANNOT put everything in the lease, like no dancing on the roof.