Look into replacing your ducts snd running a new truck and return up to the upper floors for better air flow.

@Jon Schwartz, capex is usually budgeted for a specific business plan to upgrade the property exterior plus a % of the interiors based on quotes or your estimates. 

I am willing to start with a duplex or triplex or whatever fits my budget just to get some skin in the game.

At that point the property rental income would be used 100% to pay its own expenses-- mortgage, insurance, updates, etc.My question is, I know that I need to include within the budget for improvements the labor that I'm going to have to pay out to my employees, but I'm having a disconnect with justifying paying myself in this same way.

Looking at it from a MF investor standpoint, with a conservative expense budget that includes full capex, maintenance, vacancy, WSG, and property management NOI would be about $2,000 once I bring the rents up to market (est rent at $2,500 ea, currently getting $2,100), or $2,700 NOI with an added unit in the basement (est rent at $1,200/mo).

Also, went over budget on the renovation by $7,000 due to added costs of the electrical work and underestimating the countertop expense.

Also, went over budget on the renovation by $7,000 due to added costs of the electrical work and underestimating the countertop expense.

Your typical car payment being around 400-500 dollars a month for a nice truck or car.  

I would tour this property with a management company and have them help you build your budget, then assess whether this is really a cash flow king.

The best place to find such an agent is right here on BP.Finally, with a understanding of your budget and a good realtor to help, hit the market!