I think 120k is fine for this market even in this beat up condition (some small back story - the town is working to change the central area and make it a destination for the local region so values should be on the rise soon). 

Unfortunately, little did they realize that setting the temperature of both thermostats in this manner ended up placing the burden of cooling on one package rooftop unit which was never intended by design to cool much less heat a building of this size by itself.

And when interest rates continue to rise, it will be buying spree time.

Not much competition is already high, if interest rates rise prices stagnate or drop if they fall it is likely to help a struggling economy which is also an opportunity to buy

Market rents should be rising along with rising interest rates.My interest rates have risen up to around 4.5%.

Obviously I would have to schedule it for a day where the weather is above freezing temperatures, but I am curious if this is illegal during some months in the state of Illinois?

You have some places that might be 50% til you hit a cap then rise after that. 

If the equity is rising 6-10% every year you may be on to a winner.

Account ClosedIt's possible you may qualify for advantageous tax treatment, particularly if your rentals rise to the level of a trade or business and most of your remodel expenses don't go to enlarging the building or changing the structural supports.You really should rope in your tax CPA/EA, or onboard one if you don't have one.

Account Closed "I'd like some simple guidance on if the following types of expenses can be written off given my current level of activity"The answer, like most times in tax, is "it depends".If your activities rise to the level of a trade or business, then business expenses can be written off.