I did about $15k in reno myself. just a hot market and the time value of real estate, supply and demand etc. 

The less desirable the location the better the terms a tenant can negotiate.It’s all about location, supply and demand

It was tough to find a decent one that wasn't in a terrible neighborhood as supply is low.

Eventually, supply will catch up to demand, and occupancy will normalize. 

Maybe under the “supplies” section?

One must consider the amount of demand +, the amount of supply entering the market +, the fact that rent control severely restricts inventory turnover of existing stock +,  drives away developers who do not want to be in California due to rent control.

Our metro is unusually large, has two professional sports teams, and is also benefited by an eclectic variety of industry.To add to that, the affordability is extremely attractive.

Also, a very very very large sports arena is going in 1.8 miles away.

He is fronting the costs of the labor and supplies, and pitching in on 5% of the down payment and closing costs, with what we have estimated the rehab to cost.

Don't forget about supplies.