I agree with Larry. You have to ask yourself what your goals are for this property. I've worked with owners who have a management strategy that's a mixture of #1,2,3. The problem is that over time your tenants wont want to renew their leases. The curb appeal will decrease and so will the value of your investment. A good strategy is to generate the greatest possible income while maintaining the value of the property. You don't have to 'constantly upgrade' if you can't afford to do so. Maintaining good tenant relations and some good preventative maintanence should keep you on the right track. Avoid "doing nothing." It will lead to vacancies and will end up costing you.
Oct 22, 2008