The remaining $35,000 was spent on improvements to those capital assets.

There may also be some good inventory hiding in older areas of Fort Myers (Between McGregor and US41) and its not uncommon for some single family homes in that area to have income producing apartments or guest houses.Remember, as you are a finance buyer, you have a bit less leverage with sellers than cash buyers do, so you'll want your offers to be relatively strong in other areas (if you are asking for concessions you are likely not to get an accepted offer on an income producer).

January 2016 Houston Housing StatsHouston Real Estate Highlights in January Single-family home sales declined 2.1 percent compared to January, marking the fourth consecutive monthly decline;Total property sales were unchanged at 4,965 units;Total dollar volume was statistically flat at $1.2 billion;At 262,663, the single-family home average price reached its highest level ever for a January;At $200,000, the single-family home median price also achieved a January high;Single-family homes months of inventory climbed to a 3.3-months supply versus 2.5 months a year earlier;Townhomes/condominium sales rose 15.6 percent with the average price unchanged at $183,076 and the median price up 2.4 percent to $140,000;Leases of single-family homes rose 2.8 percent with rents up 4.2 percent at $1,742;Leases of townhomes/condominiums climbed 12.2 percent with rents up fractionally to $1,568.

You might want to work on improving that credit rating to get better deals when you do get loans.  

game, then I'd suggest chilling out with the refis, and if you want $50/month more cash-flow, maybe go ahead and think of improving some of your assets so they command higher rent. 

A loaf of hearty wheat bread, a shack in the Bay View District, and that’s about it.When looking at Denver, it still has some potential for property value improvements, and commercial rental property is still a strong choice for those who don’t have a problem hosting a marijuana growing operation.

@Paul MacInnisUnless there is a strong demand for new units (your fire just improved the vacancy rate) and you wouldn't just be pulling the better (of the poor) tenants from other properties, I would not consider rebuilding at this time.  

Many of the submarkets there have very intense demand right now with a shortage of inventory.  

3.75% I could not get a conventional loan in 2012.. as I shed off hangover inventory and took loss's and lenders for some reason don't like that .refining my resi now at 3.0  15 year.. my first home I bought in 1975 rate was 9%

Our clients biggest problem has been finding inventory too.