As for the psychological impact, that's something I never thought about.

The difference between "minor repairs" and "bathroom renovation" could impact the price at which your PM lists the property. 

No real impact on your expenses and not a lot of hassle moving forward either. 90 dollars for 200 sq. ft of storage seems like a lot to me; but if you can keep it rented at that rate that would be the choice.

Now we're looking for more of a permanent/forever home and are right back in the same position.

Technology will have a economic impact that we have yet to realise.Hopefully brick and mortar will last another generation since I do not use on line shopping in any form. 

@Michael Greenberg I wouldn't do anything to permanently convert the garage.

If all your portfolio is in commercial industrial buildings and there's an event that severely impacts the demand for commercial industrial, your heavy exposure to that one asset class could really hurt.Geography: Dallas, Cincinnati, Las Vegas, Phoenix, Jacksonville, Columbia, Birmingham, etc.

On another thread someone suggested involving my CPA on the front end to ensure that both real and non-real estate assets that are transferred are given appropriate values as this will impact depreciation expense of the real estate assets.  

What could I expect to pay in impact fees and to hook to city power/sewer etc?

Because if you pull it, it is a hard hit and depending on their goals in life (college, need student loans, new baby on the way, anticipating needing a new car), then a hard hit impacts them for a long time.