Items like Fridge, Stove, cabinets would qualify.Leasehold improvements are alterations to a building to make the space more usable.

As an investor in the current market, I am committed to having a clear sense of my "why" for being in this business, and how that "why" translates into value (benefit) for our investors.

They all translate into businessIMO if your willing to work hard and long hours than you will be successful in this business, but the support that I receive from my brokerage is more than worth what I pay in splits and monthly.

I don't know what your tenets lease says, but if I were one of them and you attempted to alter that lease before renewal time, I would be pretty upset.

There certainly is illiquidity that would potentially translate to nice alpha opportunities.

You also can't usually make changes that could be construed to alter the value of the deal, such as changing to a non-smoking policy, or no pets, etc. without reasonable opportunity for the tenant to locate new digs.

A $3000 roof or furnace would translate into a 10% expense item over the course of five years.

I hate to do it but it's the only way the investment will work.No you can't alter the lease.

Things like location, property condition or psycho neighbors all translate into price.

Does compassion translate to "softie"?