In Fayetteville, NC where the rental market is strong and it was only a 10 minute drive to downtown and minutes from a well- known University.  8-plex that needs minor improvements to get market rents: parking lot sealing, new front sign and painting of exterior.I thought this was a solid deal with an asset that would be a win / win for both of us.Thoughts?

Any low-cost improvements you’d recommend before listing?

Starting small is fine, but having a plan to renovate can really improve cash flow and reduce turnover

There's a chance that I could also add $1000 passive income monthly in addition to the $2,000 I net currently for this property. 

You’ve likely improved since getting started.  

The more effort / time you spend up front the more chance for successful project.  

There are ductless electric units and the technology continues to improve.

Took my lumps, learned my lessons and improved along the way.

Again this is what you could do, but to improve your returns, maybe not what you should do.  

After mortgage, insurance, property management company, taxes we would probably only make $200 a month total which would go into an account for repairs, improvements and vacancies.