If you truly don’t believe the property will appreciate and that rents will increase faster than expenses you should NEVER buy that property.

Another rental is in a great area but has struggled recently due to increased competition from newly built apartment complexes.

It's usually better to earn $200 less a month for one year than to sit vacant for two months, particularly in the winter.Consider a bigger drop for a 6-month lease to get through winter, then increase rent or find a new renter in the spring when competition is hotter.

Value adds were a combination of market value increases, rentability increases, strategic maintenance and improvements during lease cycles, and property management.

In the past year or two we see lots of rentals and investors and rent prices have not kept up with home price increases. 

Four properties provide diversification, greater potential for appreciation, higher aggregate depreciation deductions, and increased cash flow over time but involve more management complexity and higher leverage risk.

If the current rents are below market, maybe it’s time for some modest increases, from what I’ve heard many landlords do this gradually.

Having been in Austin for nearly five years, I've seen a significant increase in incentives for developers to build multifamily properties.

From your options, #1 is a big sink of cash and I can't tell how much that increases you rent. #2 is a no due to cash flow negative. #3 is the way to go.

With inventory slightly decreasing in November, do you anticipate increased competition heading into the new year, or are higher mortgage rates keeping activity balanced?