When I closed on the property, I put an ad on Craig's List and we did some minor cleaning, paint touch-ups, replaced all the light bulbs to LED, and replaced all the smoke/CO detectors and within 2 weeks, the place was rented.The property was listed at $116,900 and after negotiating, we settled on $114,000 with a home warranty. 

New floors and some light remodeling.

There is a psychological research finding that used a light switch as the variable.

Tread lightly and protect yourself. 

Things such as taxes, insurance, property management & landscaping are relatively stable but will vary per property.

I need to furnish it and do some light remodel.

Rents are at $1500 right now, but after very small renovations I believe I can get $1795 for a 2br/2ba.Here's the breakdown:6k rent1k taxes.3k hoa and insurance.2k landscaping.3k vacancy (5%)which leaves 4.2k of revenue to cover debt payments. 

Another thought here is to have a 5th landlord panel added for common lighting around the building and parking area.

As most litigation lawyers collect a cut, something like 33%,, they'll be happy with a $1 millions payday.We're also litigants in a negligence case, my wife's sister was killed by a major oil company truck running a red light, acknowledged y the truckdriver.

We have done the following things to increase the cash flow - adding a laundry room, charging storage rent, installing energy-efficient lights and so on to cut the utility cost, renovating the unit in exchange of higher rent for the current resident.What else could I do to increase the NOI?