Bigger the project, the bigger the budget for improvements

I am actively growing and improving my properties along the way.

The deal was adjacent to a current 4-plex that I own -- makes things easier for operations and better for lowering expenses (Trash - 1 dumpster instead of two), cap. improvements, etc.

This can improve my cash flow on the rental to about $600. 

It's a VA Loan so other than the funding fee and $15k flooring improvements and around $15k for something else (bad memory) I have nothing else in the house.

Pricing adjustments occur for things like loan-to-value, occupancy, and even loan size (ie. pricing improves on bigger loans because the margin is higher).

Do the research thoroughly and upfront on the buy side so that you know what is realistic to expect as far as the improved value goes, and don't bank on setting new records when doing so.

Mortgage and capital improvements are excluded.

Are young professionals moving into the neighborhood as first time buyers, starting families and improving the neighborhood or are they moving out?  

Finally, I schedule a walk-through with the tenant during the first 7-10 days of ownership so I can document the condition with pictures, talk to the tenant about maintenance issues, or project improvements during the next turnover.