It's caliente (low inventory) with lots of energy (buyers), but just when you get comfortable, that tail (median home price) comes out and strikes!

We collected cash flow on the property for a few years and did improvements to the property when the leases turned over so we could raise rents.

I'll be curious to see how much rents continue to improve over the next 2-5 years.

You're looking at one of the strongest corrections in the market that will most likely hit when they start to release all of the inventory back out on the market.

I switched away from Wells Fargo several years back, and I can't tell you how much my banking experience has improved.

This way the housekeeper is not inventorying all the small items.

You'll have to run the capex against rate of return, but be sure to analyze holistically, not just a one-off improvement.

Usually improvements are done by the landlord and negotiated into the lease.

The complicating factor is that I already own the land where the new property would be built, which would exclude any improvements from 1031 exchanges. 

I believe we are at a point where you will see people that are in the business of flipping homes and buying homes that potentially will go out of business because they do not have enough inventory to buy, renovate, and flip, or hold because the wholesale inventory is so low.