It cost us $3,000 to demo the shower and retile it.

I'm pretty sure that the cost to get this done is not cheap!

Depending on location they can cost a lot to replace but when you factor in what you save from paying sewer bills it’s cheaper in long run.It would not stop me from buying a house

Shawn - I would suggest you develop a pro forma based on the stabilized state of the property to understand if it cash flows once all units are occupied being sure to include all reasonable revenue assumptions (rents, vacancy factor, etc..) as well as expenses (debt payments, maintenance, utilities, property management, taxes, insurance, turnover costs, etc..)

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

Differentiating to increase occupancy or highlight the value offered doesn't need to cost money. 

First, determine what your lender offers in terms of Loan-to-Cost (LTC) for acquisitions and the maximum Loan-to-Value (LTV) for a seasoned cash-out refinance.

My goal is to be resourceful and start with a cost-effective option, scaling up as needed.

I will recover this cost of new heating equipment in 2 years through the savings of what I paid this year for heating oil.

Water damage/mold/ect. is much more costly to repair than to prevent.3.