I really want to improve myself and your idea is a huge step in the right direction . one more point you mentioned which I consider an eye opener is how selling a house could be frightening , I never sold my a house of mine , therefore , I never thought of it .  

I like to determine how old the major capital improvements are and how much life they have left.

I agree it's good to have one, I just don't have time to cut into the wall right now and was hoping I could delay this improvement.

We have put a lot of time and money into improving it.  

I'm considering raising rents again this summer once all those improvements are done.I figured this was a 2-3 year project to get the building stablized and that's about what it's going to end up being. 

.$625 might be pretty cheap for your area, which could mean you have opportunity to improve / raise rent, but it also might mean you are dealing with a tenant population that is a bit tougher to manage.

I imagine there are many YouTube videos that can walk you through step-by-step.As far as bandit signs, you might want to check your local laws.Best of luck.

Hi Scott and congrats on your life improvement. 

I will likely be making a cash offer of $43K, estimate to put approx $20k of improvements into the property, and inevitably would seek a cash out refi. 

If you never raise rents on an existing tenant in a rising market, you may end up way under market and not keeping up with increases in insurance, taxes, planning for future capital improvements and other expenses.Small increases when the market is rising are a very good way to keep a good tenant as they won't find anything better when they look around as long as you keep it on the low end of current market.