And the faster the house is leased, the faster the showings stop. 

For your 6k per 4 unit capex what is the upgrade level and size of your property?  

I would reach out to the tenant and notify them that you plan to increase the rent to market levels and ask if they'd be interested in signing a one-year lease at that rate.

so when I find that first deal I can pull the trigger properly.Getting started is tough since the barrier to entry is high, and the level of the market.Ideally I'll let to partner, JV on multi-family (duplex or triplex, commercial units.

Upper level has been rented out until next March; lower level unit will be available at the end of May. 

I like that CapEx and reserves are set to a conservative level.

I think that's conservative......If you are a note or REO buyer - what level of price inflation are you seeing in your market?

If you were putting your sale, that would be different because then, as @Justin Fox alluded to, your buyers will respond to your property on an emotional level and, yes, the woman, will care a lot about the bells and whistles in the kitchen and bath.Two things jumped out at me though: flooring - you mentioned carpeting.

What I have seen over the years, since 2006, is that we can tell the success level of new investors by how often they show up.

This year, the profit might jump to 30k and the following years to an even higher level.