I think its a bit like tenant improvement.

I've always invested in locations where I feel confident that when the larger market improves, they will be the forefront of that appreciation. 

I have put in writing that any and all improvements will stay.

I have put in writing that any and all improvements will stay.I am struggling with this now because I took a new position as an assistant property manager to gain more experience but at a pay cut.

Also look for areas with population growth Where to find your dataIn terms of the input data we discussed above, here is where you should be looking for each of these: Property Details: This information should be available from the seller, but more comprehensive and detailed information can also be obtained from your local County Records OfficePurchase Information: Obviously the seller is going to name a purchase price (which will likely be negotiable, of course), but the more important information here will be any upfront maintenance or improvement work that needs to be completed to ensure that the property can (or continue to) meet its income potential.

(My partner and I are both VERRRYYYYYYY long-term buy and holders, so even this 15yr period is much shorter than I plan to have this property.)Plus about $50K in my share of equity from the improved value on top of the rehab costs(conservative IMHO).

There is another way, look at comparable properties and deduct the improvements, this will be beyond your skill set unless you understand the process, not an easy estimate to make.

The highest & best use of your time IMHO is to focus on the following activities:1) Talk to qualified sellers2) Make offers3) Close Deals4) Sharpen your deal making skills5) Improve marketing to talk to more qualified sellers.

If you can weed through some of the crazy conspiracy theories, it's a another great show for both real estate and self improvement.

Dining room is pretty open to the living room beyond, through some nice cased built-in bookshelves...so opening the kitchen up also would mean that the whole house except for the bedrooms & hallway would be sort of one connected space.I am trying to rehab the house in the spirit of its 1920s design, and to make major changes only when they produce a real, indisputable improvement.