Just from what you did to improve the place I would think it cost you way more than that!

I anticipate 1-2% appreciation due to improvements/ upgrades.

More specifically, raising equity for down payment and property improvements.

It’s receiving financial backing from its members, which include representatives of the hotel industry and hospitality workers’ unions.Thinking it would be a riot if AirBnB joined ShareBetter to show they are hoping to improve Quality and legal VRshttp://skift.com/2014/09/12/new-york-community-and-political-leaders-target-airbnbs-marketing-machine/

No it's not and a bad location can make or break certain types of businesses.As far as (TI) which is tenant improvements in the business getting build out costs from a landlord is doubtful.You are not a corporate national brand, you are not a subsidiary of a corporate national brand, not a large franchisee, or a small franchisee.

As the neighborhood improves, rents will go up, and since apartments are valued by income it will become easier to sell at a profit.I highly recommend reading “Insider Secrets to Financing Your Real Estate Investments” by Frank Gallinelli. actually, all of Frank's books are great and are geared to just what you're trying to do.

Or you could venture out a bit into Round Rock, Kyle, or San Marcos to improve your cash flows.

I did create a construction estimating document and I am always trying to improve upon it.

If low income is done right then your return can be substantially higher & what's more rewarding then improving these neighborhoods.  

Once I do I want to keep it as simple as possible with smaller multi-family properties with lots of room for improvement and go from there.