I came from the single family space, and after a horrible eviction from my turn-key rental which cost me a $10,000 education, I'm happy to scale up where the professionals play--professional GP team and professional management and economies of scale.

It is ESPECIALLY important in this townhome that's built on a crawlspace because it has a $15K encapsulation system underneath the building that protects the crawlspace and most importantly pumps water out because it's in a weird almost flood zone type of area... only gets bad when it rains heavy, and boy does it rain heavy here.   

Maybe I'm just getting to much into it but things like kitchen setup is terrible for flow fridge is on one wall stove is on another sink and a little bit of counter space?

@Scott Martin What were the costs to convert your space to ADU?

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Even when you do find a value add deal and you go to pull all your original cash out you're so happy but only to realize since you're in such a high priced market and low RV (rent to value) area that you'll now be negative cashflow so its a catch 22 in high priced areas.Barring you use creative strategies, operate a business like short term rental, rental by the room, halfway housing, transitional housing, B&B hotel like model, its tough to make the numbers work in high priced markets.I have helped investors in the 1-4 space coordinate the financials and how they have to display these figures to continually qualify for funds going forward.

@Eric James Slater the short answer is YES, renters will pay more for an updated space and love amenities.

@Travis Juntti if you have any questions related to rental properties let me know I currently work in the management space. 

But my experience is more-so related to the non-bank space.

Some of the larger wholesale lenders in that space will charge you $1995 just to underwrite the loan and another $600 to close it not to mention the environmental survey as well as the cost of the appraisal BEFORE you even get to the measly 2 points the broker's going to make.