This external obsolecence can cally kill your property value.

I'm now setting up an external harddrive that I can login to from anywhere in the world.

The cost approach estimates the cost of replacing the subject and is generally higher than the market value (insurance companies use that to over insure you, LOL) but don't forget to apply depreciation to the cost approach bringing in the difference in age of an existing improvement to a brand new one, look up internal and external obsolescence as well.Many here only consider the income approach when buying a rental, I suppose you can do that with a pig, but when you buy you're buying at market value, so the sales approach should usually be weighted more in the market.

I think it is possible for me to renovate the unit because it is the internal part of the building and not the external.

Appraisers are more likely to tag a property with external obsolescence than not. 

Pros:- It's a conservative strategy that is safe- It gives you a clear goal and doesn't require a lot of external factors to go right to be successfulCons- It takes a long time to see the fruits of your labor- You incur a lot of transaction fees (1031 exchange, loans, payoff, new acquisition)I would like to see included a goal to buy the house 20-30% under market value.  

All the material adds up to about $5,000 covering everything; siding, soffit, facia, fasteners, vents, vent covers, utility boxes, even new external light fixtures.

At some point in time, everyone runs out of their own capital and must rely on external sources if they wish to continue and build their book, however should always have some in reserve so they're not scrambling to close a deal.  

If tenant hesitates to install app I don't get much value out of it.Not clear if you can digitally sign external documents (Ie, CAR lease)TenantCloudProsExtendable WebsiteFlat Fee based (no per ACH Fee)Usable maintenance system, e-signing of external leasesConsNo Mobile App (But website is mobile friendly?)

I did have some investments in towns near by, but problems with finding managers or tenants I liquidated the holdings and changed my external focus to Wichita, KS.