@jscott you raise good points.

We expect to raise rents to market value within a year.

For water lines, Maybe there is something about raised foundation versus slab.  

With deferred maintenance taken care of you should be able to raise the rents, a bit at a time, and have an income generating asset to hold and benefit from for years to come.

The zoning raises the height limit from 30' to 100' (as well as other zoning changes).  4 of my units are not far outside the Midway district (they are in Pt Loma (Pt Loma Heights), but barely). 

We expect to raise rents to market value within a year, to offset some of the cost.

I would like to keep them, but the previous landlord never raised rent the rent. 

I guess I  figured it’s high time to build my own future at this point in my life .im tired of making others rich hoping they would throw me some  leftover crumbs   in the form of a dollar annual raise and not increase my health insurance contribution another time ..it’s my turn to try and see what I can create

If it's price, you can raise the price and get a good deal with the right terms.

Putting together a business plan to raise income and lower expenses, thereby increasing the property's value is a strategy.Have you confirmed that your CU will refi at the new appraisal WITHOUT a seasoning period?