You need to sell the tenant on the aesthetics because of the lack of sqft. 

Anything that takes away from aesthetic and could potentially be hazardous will be called. 

As you said, a 203k with a lighter rehab, more aesthetic type updates, is perhaps the way to go. 

Houzz surveys said storage is one of primary reasons for bath remodel...aesthetics #1.

@Rich Hupper, I have seen a number of the types of building you are describing used for smaller subs in the Midwest. the type of construction they have utilized is a steel pole barn style of building, which have come a long way aesthetically and can look pretty contemporary if that's the desired appearance.

We did this through some very light aesthetic updates (fixtures, paint, etc.)...but nothing that would actually add significant value to the property.

You can create one continuous look with same-sized tiles, or you can use rectangular glass tiles on the floor and square tiles on the walls.Consider TexturesFor a unique aesthetic, choose tiles with interesting color variations and textures.

I didn't know I was going to become a real estate investor when I purchased it, so I was thinking more about aesthetics than numbers when I was shopping.

, modern aesthetic?)

C+ class property that was under-managed leaving ample opportunity to add value both in aesthetic improvements and in terms of tenant & lease management.