I do not know the condition of the house but if you have to fully renovate a 2,500 sqft house with all new flooring, exterior package, etc I don't see this being enough unless you plan for sweat equity.  

In my case with this 1920s house, it's going to prevent opening up the 1st floor, due to sitting between the wall separating the living room, and dining room.If it was on an exterior wall, I would still want to frame it in and make use of the space.

Have a mason inspect the brick exterior, failing lintels or joints that need pointed could be bigger ticket items plus can allow water pentration if you are not aware of them.  

I am planning to repaint the interior and exterior, replace the whole central AC unit, replace doors etc..

For example, one of my properties needed exterior painting recently.

Force them to install/maintain skirting, paint and repair the exterior of the homes and clean up their lots.

Am going to be going through the hiring process soon for an exterior painter but unfortunately, don't have many contracting leads. 

We had to redo all the plumbing, add a ton of electrical, fix lots of drywall, convert one room from a large recreation room to a bedroom, bathroom, closet, and laundry room, completely redo another bathroom, replace windows and exterior doors, add a kitchen where there wasn't one, paint entire house and flooring. 

I went up to the house to do cleaning and inspect the property and found that they had broke the door frame of the front-exterior door causing the door not to shut. 

The condo fees cover the big ticket exterior items, so I view them as forced capex savings.