So, doing value-adds that maximize the net income make the property worth more and by measurable amounts.

It is not exploitive....but rather the asset is cheap as measured against the rent because the risk is through the roof.  

Be careful with measuring as some of the old cabinets can have non-standard pulls (learn from my mistakes). 

The M stands for measurable. 

"The measure of a man is not where he is right now, but where he is headed."

Anyway, every measure created thusfar has been a knee jerk reaction to the recession caused by the "necessary" halt of business.

He had measured advice about the importance of spending, building reserves, etc. 

I was responding to another poster who stated that one negative affect of an appreciating property is a much higher property tax assessment.I don't live in Oregon so I don't know if you had some local increases passed by the voters in the last year that may have resulted in your increases, but there is def. a 3% cap as part of Measure 47 passed in the 1990s.http://en.wikipedia.org/wiki/Oregon_Ballot_Measures_47_(1996)_and_50_(1997)An example of the benefits are for long time holders of real estate. 

Mike M,You post is the table of contents of Frank Gallielli's "what every real estate investor needs to know about cash flow.. and 36 other key financial measures.."

College isn't about the cost or measuring a return on tuition based on your feelings about after graduation financials.If it's for you, you'd want it and do everything you could to get it, instead of testing an ROI argument in support of dropping out.