It ended up being a check-mark recovery with rents recapturing their 2015 levels and then rising even further.One last observation about the market:  during that late 2015 to mid-2016 downturn, ~76% of the rigs in the Basin where shuttered. 

The market is rising, so it is certainly tougher to find deals priced low enough, but they are out there.

Below is the wording in my original lease and below that is an example of an addendum I use to extend or change the terms.Original lease:IN CONSIDERATION of the promises contained in this Agreement, Landlord, by and through Agent, hereby agrees to lease the Premises to Tenant on the following terms and conditions:EITHER LANDLORD OR TENANT MAY TERMINATE THE TENANCY AT THE EXPIRATION OF THE INITIAL TERM BY GIVING WRITTEN NOTICE TO THE OTHER AT LEAST 60 DAYS PRIOR TO THE EXPIRATION DATE OF THE INITIAL TERM.

When things are down, opportunities rise. 

We're starting to think about how we will update/add value to the house, and as part of the consideration, we're deciding between adding a fourth bathroom to part of the living area (better cash flow), or opening up the walls between the kitchen and living areas to create an open floor concept (forced appreciation).

NeighborhoodScout generally has good information.Rising per capita income - If per capita incomes are rising, job quality and quantity are increasing.

EXP Realty is worth strong consideration as a brokerage in Maine.

Manly macho men tend to believe comfort shouldn't be a consideration.

And all the above is BEFORE you take into consideration appreciation, or selling the properties.  

Therefore, it shouldn't be examined in isolation.Really what we're looking for is if your activities rise to the level of a trade or business, and if the property was used in that trade or business.It's possible a one off flip (or two, or three) might be capital gain and not ordinary income subject to SE tax.