I am definitely doing some of my numbers to see where we stand financially and see where we could improve. ( credit card debt, school loans, etc. ) how long after u decided to REI did u you purchase your first home?

Having said that, the property I was considering for a client was one that we would have spent a lot of money improving (roof, ac, cosmetic) - yet it passed a recent inspection. 

I am thinking of adding solar panels (owned not leased) to the property to improve value. 

That said, here's my short input: Richmond has generally been a crappy city in the past (note: not the surrounding areas), however they've put a lot of effort into improving over the past 15 or so years and it's apparently a happening city.

I keep everything in the account and allow it to grow for the next investment or property improvements.

Different risks profiles.

The bigger upside than cash flow is actually appreciation...not from market appreciation but by increasing revenue and NOI and making improvements.

If it is a more conservative core or core plus strategy (i.e. no or little improvements to the property), then the majority of the return is going to be from income.

If the improvements you mentioned are correct, raise rents and extra parking, then it looks pretty decent to me.

If you want to get your hands "dirty" and you like improving things, then go into flipping.