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For example specified by region and sun exposure so paint colors are relevant to the space.

Sure you can paint a wall, just run the color past me so I know I can paint over it easily if you leave.

The rock is a black and dark gray color, not appealing.

I am trying to make sure I don't pass on a deal because of it not meeting certain metrics.Is cash on cash return and CAP rate really important for someone who plans to buy/hold/rent (long term) plain jane, blue color, type properties (SFR/small multifamily) in order to replace w2 job income?

My only 2/1 had a converted garage with ducted AC that makes an extra room.  

By the end of 2018 I'd estimate we will have closer to 18k.Meanwhile we've gotten to live in the attached 4/2 house basically for free as monthly earnings have exceeded our $1417 PITI payment.We've been making some improvements to our side of the house (some new windows, a/c ducting fix, new w/d, new dishwasher, lots of painting). 

I look at things through a value investing lens so that colors a lot of my decisions and views.

Install will be a whole new HVAC system with new ducts etc...I am upgrading from a window air conditioning unit.

We've had the same tenants the last 18 months.Rent: $1,350/monthMortgage, Ins, taxes: $960/monthOur initial plan/goal was to acquire properties and hold them for long-term (20-30 years+) to essentially have the tenants pay for the mortgage and we would make a decent cash flow profit annually and then eventually have a solid asset (trying to diversify investing, e.g. not having everything in retirement accounts/stocks)Just recently the A/C had some leaks and is pretty much on it's last leg and needing a replacement (quote of ~$8-$9,000 installed + fixing leaks in duct work).