As we all "graduate" from one life profile to another, quite naturally, those connected to each profile are usually different. 

I'd like to add my name to the list of those who'd appreciate a copy of your file once you figure out the best way to share, just as a way to "compare notes" and see how I might improve my system. 

So maybe getting a C class property in a B or A class neighborhood is the way to go so you can over time improve the property and raise the value.

But we have learned that the only winning strategy to overcoming fear and comfort is to learn and improve by taking action every day.

You could start with improving the kitchen and have to open the walls to update the plumbing. 

Improve your position by trading out and up.

Hi Patrick your profile doesn't say where you are from? 

Here's a couple of quick add-on questions:When figuring expenses or improvements on the rental, where do overall expenses and asset purchases go - the things not applicable to just that one property? 

Your taxable income may be more than $15k (from capitalization of improvements, for example) or less than $15k (from depreciation or cash-out refi). 

Look for deals that need physical improvements that will allow you to increase rents and occupancy.