You just have to adjust.

You pay for it, you work for it, you have substantial risk involved, the only person who should benefit is you.  

I think a ton of people would benefit from that including you.Good luck and never stop learning.  

The Bigger Pockets buy & hold analysis calculator does not take into account the tax benefit of long term ownership, which is substantial.

A recent study of returns since the late 1800s found that unleveraged residential real estate outperformed the stock market on a risk-adjusted basis.

I am sure everyone on BP is a saint but someone may steal the deals from right under your nose.I also think you are underestimating the closing costs.Actually one of the benefits to the area is very reasonable lawyer/title/close fees if you have the right attorneys.Cash close on that property I could stay under $1k.

If I discovered anything major during due diligence, I could always adjust, but the owner still didn't bite.

I know this is a general question, but we are trying to figure out how to adjust calculations of fair market rents when comparing similar renovated versus unrenovated apartments. 

Tenants are happy about the new high efficiency air conditioning they'll benefit from this summer.

Live and learn I guess :)Currently I do not have a LLC set up for any of the properties, by setting up the LLC at this point would it provide me some inherent benefit to set it up now?