I am impressed with your numbers and the effort you have put into analyzing this.

My understanding of the "Howey Test" is that for an investment to be considered a security it has to meet the following criteria: It is an investment of moneyThere is an expectation of profits from the investmentThe investment of money is in a common enterpriseAny profit comes from the efforts of a promoter or third partyIt's that last point that I'm struggling with.

Seems like a lot of effort to change something that’s existing.

If I take a look in my market, there is a ton of listings that people simply put up for rent with little effort.

But am I putting in too much effort for a potential risk.

If you are genuinely excited about it and want to talk about it people will gravitate toward that.

Outside of the services provided at move in and move out there is nothing else that they do in between that they seem to care about or put much effort in. 

Your line of questioning has changed from what possibly could the condition of a townhouse that has been vacant for 8 years (dunno, you have to budget as if you have to rebuild from studs since you cant see inside and determine if that level of effort/cost is still worth your time) to what should be a good purchase price.

While you can grow wealth, you do so relatively slowly and with a great deal of effort and patience.  

Granted lots of time and effort- Best investment you can make!