If the property is performing as expected, the tenants are good and consistently paying rent, and you are not over leveraged, then it is basically doing what you bought it to do and I wouldn't sell.

For example, our business which deals primarily with Rent to Own is Massachusetts, Rhode Island and Connecticut.  

I am also considering a MFH unit consisting of 5-10 units in a C or B class area near the city.

I would just do what you like doing and do that consistently.

More aggressive unit remodels in our market include taking a wall down, putting in an island with a bar in that space, and thereby converting an older unit into an open kitchen/living room. 

Im new to REI, but have been interested in it for years.A little background about myselfI was a carpenter for years, at one time I was working mid-high end residential on Long Island.

Howdy all,My wife and I live in Long Island (Nassau County, along the south shore), and I have two properties that I rent out - one SFH in Farmingdale, and one duplex in Queens (they're actually my mother in law's, but they're owned by a trust, and I do all the day to day management of them).  

The other thing typically priced into that CAP rate by the market is the risk and quality, consistency, and volatility of the NOI ... you can see this in any given city where the CAP rate will increase for commercial properties that are older, more run down, and in the rougher side of town where collecting that NOI may be harder and less consistent. 

It is hard to say if small banks or large banks are the way to go from an interest rate standpoint as in my experience there isn't much consistency there.  

What you mentioned doesn't sound outrageous.The HOA could always solicit bid from other management companies, but the residents there consistently complained about high fees and they're already into their 3rd management company.