Take the "improvement" portion of your purchase cost (usually you figure ratio from your assessed values to figure the improvement portion) and divide by 27.5. 

Based of the fact you are putting down such a large down payment and the area im going to assume there isn't much equity growth left. with that said, it is turn key 🔑  which means there will be zero cap improvements and minimal maintenance if any.  

Make the commitment to improve, and stick to it. 

Great improved income 25% Lessons learned?

Shoot the tenants that don't meet your income guidelines, even though the rent is paid.If you have a rent increase planned, coupled with a Value Improving renovation, you may have to get new tenants.

The amenities continue to improve and there are still several massive public/private initiatives in the works like the Hostess block and the East-Central plan. 

Improving the neighborhood, as well!

If the existing loan/appraisal was done no more than 6 months ago, the appraised value can't be higher than what that original appraisal was...even if you improved it.

With a few improvements they could certainly raise the rents to market value and my step-dad could handle most of the maintenance and upgrades.  

Don't use your new income to improve your lifestyle with new clothes, a car, renovating your own home, etc.