The previous post was removed because I think the attached image was too large. I've now posted a smaller image. Unfortunately was not able to read comments to that initial post before it got removed...Would like the ...

The reality is the appraisal may dictate our direction.

We also found out reality doesn't exactly follow the business plan -- investor loan requirements tightened, higher down payments, a bad first choice of property management -- but it did give us a great road map and the confidence to move forward, and keeping our agreed-upon goals as our guide helped make decisions that kept us moving in the right direction. 

Every window was broken, ever door was destroyed, holes in every wall, sinks ripped from the wall.  

The same room needed further movement of gas pipes for the stove and placement of hot and cold pipes for the sink. 

I would have been in a sinking boat without them when I started out.

The reality is that blinds and those dang strings go bad pretty easily - with or without a strong pull. 

@Hector Estrada, Cap rates are important because it shows the reality of the NOI vs purchase price. 

In reality it is hard to distinguish what category certain items fall under.

These rent control laws are extremely favorable to the tenant, and a professional tenant can sink your asset relatively easily by just knowing a few magic phrases to say in court.