Typically if the numbers work then yes but you'll want to ask yourself a few additional items:1.

Thank you for itemizing some circumstances that don't work as well with a Cost-Seg study.

As if you purchase the property and update the kitchen from simply an out dated look that is not necessary but is recoverable.Essentially, if you get served a redemption notice you have to put together the line item costs that the redeeming party must pay to you in order for you to surrender title back.  

As far as more technical financial analysis you mentioned above, I have found it is easiest to track these items in excel - I just update the workbook each time I analyze.

The reports are fairly extensive with pictures documenting various items. 

Items such as electricity/water are not counted against you UNLESS you wrote those off as an expense, which you likely did. 

@J Scott, how do you account in QuickBooks for an item that you purchase, say, from Home Depot, but later returned?

Did a few necessary repairs and some requested items from tenants.

Hi Zack,A big item to think about here is your intentions for the property.

This is the most "flexible" of all the items)There are plenty of resources here to help you on your journey!