@Thomas S.I agree with your thoughts on not fixing what’s broke, but I think there’s some real opportunity for some forced appreciation in addition to increased rent if I can boost the curb appeal.$15,000 is probably a bit overboard, but I can do most labor myself, so $15,000 worth of work may in reality cost me half or a third of that in materials cost.

These are professionals with additional training and a stricter code of ethics.

Private lenders would be your best bet...but your play on the rental would be a cash-out re-fi more than likely...I really don't like the concept of assigning debt to your holdings just to buy more properties...your one rental paid off entirely will cash flow more than the next 5 you acquire with debt. 

That's going to be your best bet. 

If the number is negative, you add it to your liabilities.

I'll need plenty of additional information, but I suspect this place would be a quality exercise and/or a worthwhile thread for the community if we did it right.

Likely, they accrue and are released at sale.Your best bet for calculating how much money you will make above the preferred return is based on the projections offered during the due diligence period.

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Many towns have rent control in addition to the state laws. 

I would first identify the viability of finding additional rentals in this market that fit your criteria for investment.