The property could be updated or a money pit that eats $700 cash-flow for breakfast. 

They have also raised rents to market rate. expense/repair/upgrade list updated approximately 120,000.00 in last 4 years. 

Thanks for updating us on your thinking.

@Brandon Turner Thanks for the update...as everyone agrees, we’re all glad the old calculator is still available to use!

As it turned out, the HOA had updated their policy to say no more renters.

Both homes are generating income now but for a long time we were just paying mortgages getting them updated... it was like we knew we wanted to get them onto the market but we were so busy as Realtors and U was home schooling out four kids... we dragged our feet.

I undertook a pretty thorough cosmetic rehab of the property, which included new floors on the main level; fresh paint on all walls, trim, windows, and doors; new countertop and sink in kitchen; new stainless steel appliances; new tub and surround and painted/updated bathroom; and epoxy paint to floor of basement.

I'll Probably also do minor updates like throw in a new toilet (they are less than a $100 bucks), etc..

Keep us updated on your findings.

My 4plex was built in 1910 and needs some major updating but I am taking it one unit at a time.