@Thomas S.I agree with your thoughts on not fixing what’s broke, but I think there’s some real opportunity for some forced appreciation in addition to increased rent if I can boost the curb appeal.$15,000 is probably a bit overboard, but I can do most labor myself, so $15,000 worth of work may in reality cost me half or a third of that in materials cost.

These are professionals with additional training and a stricter code of ethics.

If the number is negative, you add it to your liabilities.

If you'd like to go over this point-by-point as a buy-and-hold repair scenario for the experience, send me a PM with the address so I can check out the listing in Zillow and we'll do it as an exercise.

Tenant-buyer must exercise their option by day 180.2.

Additionally if you find this post helpful please give it a vote on the right hand side of this post.

Many towns have rent control in addition to the state laws. 

I would first identify the viability of finding additional rentals in this market that fit your criteria for investment. 

Here are the basics, please let me know if you have any additional questions and I’ll do my best to answer: 227k purchase price, 9 units, 4800 gross monthly rents, needs 60-70k in repairs, 350k ARV, the possibility of additional income from an on-site coin-op laundry facility ($250-300)... those are the nuts and bolts.

Not sure if this would be feasible but under certain circumstances you could pull something like this off.More than likely, based on not just having to open up spaces and the space considerations of new duct-work, but also the service/additional metering requirements to get this done to the utility's liking - I'm guessing the capEx required will not pencil this option out.