What does the curb appeal look like? 

I believe this will greatly increase curb appeal, tenant experience, and overall value of the property.2.

I know it's not much, but it's free and might give you a little boost in showings.

Learn how to setup your properties to have good curb appeal13.

I don't think the HOA board is particularly interested in kicking my tenants out to the curb or fining me $100 per day, they want to get rid of excessive rental units in that community. 

We all know of new paint and new floors, but sometimes small details go a long way.Some examples are:Outstanding welcoming front door - nothing will increase your curb appeal more than a fantastic solid front door.Brand new metal mailbox - a dented and scratched mailbox screams 'run down' a new box is inexpensive and a metal one will shine in the sunlight and make the property glimmer.New outlet covers - they cost pennies and can update the feel of a room.Updated taps in all baths - we all can pin point baths from the 70's or 80's simply by the tap designs. 

You get the advantage of low down owner occupant loans like you mentioned, and they boost your ROI like crazy.

Vs. if you are just planning to utilize the income or appreciation value as a retirement boost you may be ok with low cash flow for now but high likelihood of appreciation in value and rent over time.

(Location, location, location)Also Sam was also correct about the homes being older, but for the most part, they are kept in good shape (cosmetic repairs are cheaper than major repairs) and upgrades can be very worth the investment simply because new, clean, fresh and added curb appeal attracts multiple buyers and can incite bidding wars.  

The confidence you get from being local as well boosts your sales in turn.