I'm not familiar with self-storage so trying to understand the supply and demand for these types of a business in a typical Southern California suburban area such as Thousand Oaks and Pasadena.  

JorgeSoCal Real Estate Investor(Who loves Frito Lay chips)

We're going to open up the kitchen to the family room for an open floor plan, add a master bath to the master bedroom, update kitchen and baths with some good finishes, flooring, paint(into and ext),It has a beautiful screened pool and sunroom with large live oaks with plenty of Spanish moss hanging down in the backyard.  

Origination fees and closing costs may also be higher compared to conventional financing, which could chip away at returns.Option #3: Tapping Home EquityDrawing on your home equity, either through a home equity loan, HELOC or cash-out refinance, is a third way to secure an investment property for long-term rental or finance a flip.

- Areas - Metro Detroit, Ann Arbor, Michigan, Troy, Royal Oak, Oak Park, Downriver, Taylor, Wyandotte, Dearborn, Ypsilanti, Ferndale.Thank you kindly for your insight, I greatly appreciate it.KyleAF Properties

Then I would fix the drywall (no charge) because chipped areas will get bigger. 

Send an inspector out and cite you for chipped paint on the porch for example.

It looks like it has a small population so they all know each other.Side note edit: You can get one of the old guys drinking coffee to do all that work for you if he is retired and bored for the cost of a couple drink chips at the local VFW

We're interested in investing within 30 miles of the Heights where we rent.I believe right now the Heights, Garden Oaks and Oak Forest, Timber Grove, Cottage Grove, Lindale, and similar markets are for the most part overpriced and will not generate good cashflow in good neighborhoods.

It looks like you're really hustling and doing a fantastic job, and it's definitely encouraging to see someone take a huge goal, make a plan for it, and start chipping away, figuring out ways around obstacles and not letting anything stop you.