Cash is cheaper.

The problem is that I'd have to hire a cheaper manager, cheaper maintenance, cut marketing, do less remodeling, etc.

The cost of living on campus isn't getting cheaper.

From the standpoint of building wealth as a younger investor utilizing a taxable account, it seems that investment properties offer better opportunity early on because (i) they can be used for leverage and (ii) depreciation creates tax advantages that go unrealized in a non-taxable account (i.e., a self-directed IRA).

A minimum tax of $100 is due, but you may owe more depending on your federal taxable income and your net worth.

I will update my spreadsheet to try and auto calculate how much income is taxable thats a great point.

Farm Bureau ins 529/yr (cheaper than it should be, imo). 

Before you count it out, know there are cheaper options, for example going from a community college to a 4 year institution.

It would have been a lot cheaper in the long run to clean the gutters out in the first place. 

that said my experience is in the interest of keeping the tenants happy you could negotiate it out with them informing them they did not get your approval and you would not have approved any of those things or you would have got your own repair team to get it done much cheaper..