The reality and justification for me is that $ is still very cheap and while the market will most definitely soften in the next 24 months the interest rates will also climb making your cost to purchase also higher. 

Because of the previous owner’s reference, we wanted them to stay and tried to soften the blow of the rent increase by offering to make some improvements to their unit - things like fixtures, appliances, painting, etc.

I saw two bedroom apartments in the Grove Park neighborhood for rent for under $1000 a few months ago.We've noticed a little softening in the rental market recently (price and time to rent), so I would look closely at your assumptions about what you can charge.The main question is do you want to be a landlord?

Minor cosmetic upgrades and water softener system.

Minor cosmetic upgrades and water softener system.

Minor cosmetic upgrades and water softener system.

Minor cosmetic upgrades and water softener system.

Minor cosmetic upgrades and water softener system.

Minor cosmetic upgrades and water softener system.

When prices start to soften a blip, thats a loser very very quickly.