I would at a minimum install smoke/CO2 detectors and provide fire extinguishers as appropriate. 

I would not consider those cities in the boonies they are in the metro area and frankly could be better than Portland proper less govmit less tax's  no city of Portland business tax  etc etc.I sold an 80 unit and a 40 unit in Gresham to one of my clients and that thing has done nothing but make them money.. 

Install tankless water heaters in the other two units & cap/set the water heater to the biggest unit?

I'd like to take down one wall that separate the kitchen and living area while adding two entry ways to a brick wall that require a lintel to be installed.

As for cash reserves, that can vary based on the age of the property, condition, location, etc...but I've always hear $10,000 per property (scales down per unit if you buy multiple) is a decent starting assumption.Flipping is active income (not bad for building wealth in the short term), buy/hold is more passive, and cash flow is great (playing the long game)...military installations often come with a decent amount of buy/hold opportunities due to the housing allowance service members receive.lower end is okay...if the neighborhood is.

This was conservative as the floor wasn't installed yet so there's more upside to this house still.

I signed up for the irs installment plan at that point.

If you take the time to do proper due diligence, you should have a pretty good handle on what your experience will be like before you invest.All the best,Jack

@Benjamin Ficker I definitely find more options outside of Portland proper, but I haven't seen anything in my range where the numbers make sense.

Yes, I do track my net worth properly not because I need to report to someone but if you consider yourself as an investor, it is always the best to know your financial aspect as properly as possible.