With Downtown living space at a huge premium and year long waiting lists, those areas are a goldmine IF they can be cleaned up.

Is the extra $500 or so monthly worth it if you have to do laundry alot, clean, etc.?

Often you will receive payment settlements years down the road when the individual has matured and wishes to clean up their past.

After closing the buyer had the carpet cleaned, at which time he discovered the home had less square footage than advertised.

. :-) Comfortable and clean.

Weeding thru the ones to make sure they have money for a deposit and that they will be able to clean up their credit and qualify is the bigger problem.

Will you pay yourself $15 for a can light installation where you have to remove, drill holes, locate attic studs, secure junction boxes, assemble and install lights, clean-up debris, and paint if needed?

If you buy a property that is distressed (REO, short sale, redemption, etc) or in bad or dated condition, you should be able to increase the value of the property by cleaning it up, paint, carpet, and other repairs.  

This is the property in question: https://goo.gl/qjnBJK The top maintenance items are: cleaning up after tenants move out (paint, carpet cleaning), monthly landscaping ($90), and a smattering of appliance repairs.  

I hate to not return deposits for tenants that were generally very good, however it probably would have been better if he had not done anything and left the walls as is, where I would have paid to have minor clean up and touch up done.