That rationale is that as long as the tenant is OK with living with a degraded unit, so long as it's not integral to the health, safety, or welfare of the occupants, building, or other tenants, what's the difference? 

Check with the authority having jurisdiction (Fire Dept/inspections) for what edition of the life safety code, and fire code they go by.

There is no safety net. 

You had no choice to fix it - not only to protect the property but to ensure the health and safety of both tenants. 

As Brad stated, It does really depends on the area of town, but overall, you should expect to get atleast double digit COC returns in Peoria.

Some municipalities do not allow bedrooms in below grade basements for safety concerns. 

All but one exceeded pro forma and that was a 2008 acquisition that ended with low single digit annual returns.  

For all that stuff that isn’t a safety issue, I’d just tell the tenant you’ll take care of it (what actually needs it) when you do your quarterly or bi-annual inspection

Hi Vicky,Boise has been a great market the past few years with double digit annual appreciation throughout the valley.  

Rates in the high single digits and low double digits.