My wife will finish school soon and her income should improve significantly.  

Resale market is limited but may improve with the trendy, tiny house craze.  

While I definitely have money in stocks, I prefer RE, because with stocks you have ZERO control over what that company does to improve its bottom line, and as we've all seen bad management can cause you to lose everything (at least with RE you have the asset.)I also agree with that since you have 0 experience, asking your dad to put up lots of money was probably not the best strategy.

I'm making the usual assumption that the value of the improvements are 80% of the price you paid.  

@matt m.How much per month will your cashflow improve?

Wow.Love the drywall and lighting improvements on the ceilings in the living and kitchen areas - really updated the home.

I believe the TI in this instance was meant to be Tenant Improvement or as they say here in North Carolina "Upfit".

Under ideal circumstances they will undoubtedly be a big improvement over last-minute changes to a HUD-1 and to mortgage documents at the closing table.But there’s a catch – when certain changes to closing documents become necessary after August 1, 2015 another 3-day waiting period kicks-in.Closings that drag on for several hours are one thing, but closings delayed by 3 days, and possibly another 3 days, and yet another 3 days… that’s another thing entirely.Delayed closings invariably lead to more calculation and documentation changes, which lead to more delayed closings, etc.To understand how the new law changes the buying and selling of real estate all over America, take a look at the new disclosure forms.

Honestly if it has drug activity and shootings near by you will have a tough time keeping it rented.You can make all the improvements you want to the inside but if the neighborhood stinks it won't ever rent for more in the future.If you wouldn't have your wife pick up the rent checks because of the area then I would pass.

It just needs some improving to make it look at little more modern.