However, I wouldn't focus on the cap rate so much when compared to honing in on value-add opportunities, appreciation should be a bonus.

So we have pending $15-20k of scope of new hvac system, 200 amp electrical panel, basement structural supports, basement stair safety railing, and permitting/insulating/drywalling a 200sf bonus room off the garage.

Greetings and thank you in advance for your generous advice. 

Another suggestion I heard on a podcast awhile back is to approach local shops in the area (depending on your target tenant-- nail salons, restaurants, bowling alleys, mechanics, etc) and try to work out a deal with them where you can offer the tenants a discount if they go to these places and then with each customer you refer they give you a small bonus.

Bonus if it also works for vacation rentals.

Another bonus (I think) from what info I gather off realtor.com, is that the owner currently pays all utilities, so I think there's a chance to add value that way.

Two large bedrooms with generous closet space on the main living level!

I pay myself a base W2 income plus a variable bonus every month.

Now if you manage it then thats an added bonus.

I'm looking for an accountant who can help me with tax questions specific to landlording, including:Section 179 expensing, safe harbors, bonus depreciationWill most accountants be very familiar with these, or should I seek someone with proficiency specifically in real estate?