As functions in real estate become more automated, AND democratized, competition will continue to increase, arbitrage opportunities will shrink, and there will be less opportunities to generate "positive alpha", or above average returns.20 years from now, I can see the real estate market operating a lot more like the stock market does.Some examples of automation: Underwriting, Pricing, Lead Generation, Making Offers, just to name a few of hundreds, many of which I'm sure I am not even aware of.   

A refund is a function of what you’ve paid in already verses how much you owe at the end of the year,after all deductions, of course, so there’s a lot more to it than just what deductions a new house may allow.

If it's nice and it's functional, why would a renter care how it was built?

For the past year, since the bankruptcy, the association has been functioning well and the numbers are looking good. 

A tenant paying $3 or $4k/month will expect all this stuff to be functional and beautiful all the time. 

The cabinets can be redone (paint or stain) but whole kitchen layout is not very functional.

The only accurate way to test the function of the GFCI is the test button found on the receptacle or the breaker, as the manufacturer literature explains.

Your current status is you can freely go about your role as an commercial broker without worrying about monthly overhead and clerical/admin functions.  

We are allowed to lease property, but my broker does not do property management as one of its allowed functions.

We aren't slumlords - improved tenants quality of life by ensuring they had heat, nonleaking plumbing, and functioning doorknobs/locks.