Level of quality for a large renovation in a long-term STR?

[Chase Farley]

What level of quality should we aim for in a large renovation for a long-term STR (Tri-Plex)?

We purchased a triplex in a growing mountain town (Stowe, VT), with 3, 2, and 1 bd units. The house itself needs major updates to most of the CapEx (roof, water heater, furnace, siding, etc).

So, for example, when considering a new roof, is it more worth it to go for asphalt shingles or a more long-term durable/expensive option, like metal? 

What level of quality should we look for on an income property that we plan to hold onto?