The neighborhood itself has people improving their homes, and young artist types moving in.

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.

If you need an air conditioner repaired or a roof replaced, a PM will tack on 10-20% of the cost of the repair .. just for making the phone call. 

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.