No special assessments or indications of anything  significant upcoming.Purchased in 2011 for $46k (foreclosure)Current value: $200k + (comparable units, in great condition - mine is NOT in great condition)Current mortgage: $27.5k @ $75/monthHOA: $323/monthInsurance: $34/monthProperty Taxes: $163/monthTotal Monthly expense: $595/month Rent: $900/monthTotal income: $305/monthI own two units in the complex, and plan to hold one of them long term for both the rental income and, potentially, a place for my son to live a few years from now (If you are familiar with the real estate market in the Seattle area, you know how hard it is for young people to find a reasonably priced place to live.

In our initial underwriting process we always call around to the various comps to compare vacancies and rental prices on the various unit sizes. 

Many threads comparing options exist on BP.

Which I would run the MIRR on that decision to compare it apples to apples.Question is… am I thinking about the use of this $50,000 correctly?

When doing market comps all amenities are used to compare with the units.

Once you pull MLS data you will see that as well. 5th ward -- is a step forward where you can still buy raw land  and build and sell with early adopters who wants to be close to downtown ( a bit higher price compare to acre homes and without govt assistance) .

I can price the same kitchen with that much spread just with high end cabinets, stone and tile compared to Home Depot crap.

I thought $1,500 / month is a good middle ground for a great tenant year lease starting off, then I'd increase next year. instead of dropping the bomb of $1900+/month at market average off the bat.

This house was built in 1920 so it’s either they stuck with coal until gas lines were installed, they had above ground tank and they removed all the piping, or they removed the tank long time ago (town doesn’t have record of tank removal permit) or it’s somewhere under the front porch which is reinforced concrete porch.

My house should have a retail value of about $390K, has a tax assessed value of $364K, and other comparable homes in the area are selling in the $350+ range, and mine is on a double lot (2 acres).