@Matt Duckworth I always tell people that improving the lighting is a quick, inexpensive way to bring a unit a fresh look.

@Paul Smythe @Zachary Beach  What I spend on improvements may have zero comp value.

I believe this is a never ending process and that the goal should just be continuous improvement.

Keep yourself organized and strive to continue to improve your agreements and always be brave and responsive with your tenants and your properties.

It sounds like their is opportunity to improve that monthly revenue. 

I have been able to buy, lower my management cost, improve the property,  and increase rents.

Option 2 : Improve the property and rent to a higher class of tenant and property.Option 3 : Outsource the problem to a property manager.

As far as improvements, I'd focus on what you can do to the property to get the best ROI, every property is different in this regard. 

Improved every room, upgraded all, added downstairs bathroom and upstairs laundry.

Eligible property includes 1) Computer software that is depreciable 2) Qualified leasehold improvements property 3) Water utility property and 4) MACRs property that depreciates over 20 years or less.