Your typical "cellar dweller" tenant is  generally of a much lower quality and can/do cause issues.  

——Repairs, appliances, etc to make a rental initially Ready for rent are not immediately deductible, they get added to basis and depreciated.

Thankfully after deep analysis of numbers and careful inspection of the property and most importantly the hiring of quality contractors I realized... eureka I can do this!

I have been able to view 2 of the apts that were empty and they were in good shape(meaning no repairs needed).  

All in cash investment was $12,900 and you're profiting $3786 before you factor in regular maintenance and repairs into the deal annually.

They return a 30-50% IRR which takes into account the time factor as well as the total return, not just the cash on cash holding return.Like you can buy an 800k$ property (cash to make it simple and leave out financing which just puts fuel on fire for returns)  then put in $200k in repairs. 

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It does not need any immediate repairs so it will appraise as is for more than I mortgaged it for- the prices in the area are rising daily.I had planned to wait 6 months and do a refinance, I am the sole member of the LLC I used to purchase.

A tenant is currently moving out and we are doing repairs and cleaning.

I suspect that in San Diego there is a very strong correlation of rent rates to quality of area (B class, c class, etc.) and less so on the quality of the units.