I am looking at an occupied multifamily in "downtown" Urbana that after some light work should hit the 2% rule.

Cashflow is just what keeps the lights on, while you get there.Cost per unit seems very cheap to me, which makes me question the neighborhood and the tenants.

E.g. faucet repair, light bulb, HVAC filter. 

If the returns are looking better then that, then as Walter White said, "then maybe your best course would be to tread lightly." :)

@Wei Cho is an expert in this and perhaps could shed some light on the first question.With regards to the market value it depends because the appraiser has to substantiate the value add as determined by comps that have recently sold with visable ADU's as well.

Doing some light research it looked like the TK properties I could afford with my current cash and conventional funding would only cash flow a few hundred dollars a month while consuming all my cash and purchasing power.

I always replace faucets, lighting and anything else that would cause a tenant to call in a maintenance request.

Can someone please shed some light on it.

Or, is the basement already finished and you truly aren't changing any features, e.g. walls, lighting, etc? 

Hi BP community, In light of the covid-crisis and many states having a shelter-in-place order, what are your strategies to keep your rental leads coming?