This significantly increases the asking price because it brings the gross rent to around 145K year(Triple Net).

Think of it this way...Just buying a rental property = 400.00 cash flow + 400 equity each month = 800.00 a month increase in worth.

I think alot of it has to do with the good press we have had over the last few years of being a good place to invest so it has attracted investors from all over the country.I have been investing in Richmond since the early 80's so I have seen all the ups and downs through the years.

I would be careful about always filing claims for rate increases and or dropped coverage.

I plan to refinance those 3 properties in 3-5 years and hopefully acquire 3 more properties with the proceeds, which will of course increase my cash flow even more and get me a step closer to financial freedom.

As you collect rent throughout the year and or years you will be increasing your capital/reserves.

If the block seems relatively quiet without much loitering, you may have a place where you can attract good tenants.  

The property was brought back to better than original luxury status, therefore increasing my rental prices from $950 to $1200 per month.

It will come at a cost of fees and some time though.Now umbrella insurance and liability insurance on the property is definitely an obtain and increasing the policy increases your protection but one thing that is always unknown is how much a claim will be. 

We purchased the property with a conventional loan and 5% down, 30 year, and a PMI obviously.We are doing some significant updates and upgrades that will increase property value.