But we just bought this property and wanted to only spend $2,500 on flooring right now).

When a market goes to the floor like in 2010 people were scared it would continue to drop.

Samantha Reeves,Thank you for your reply I went through the Handbook , and although it's quite detailed , it seems to me that as Long as the Roof is in Good shape, there is no Peeling Paint on the Exterior of the house, and that the HVAC system is in working order , as well as there are no Safety hazards regarding  the property/house.What I'm not sure on though , is what if there's Some rotten wood on the exterior and or you want ( Need ) another $5,000 to upgrade the house .....new cabinets, faucets, flooring, re-paint the inside ?

If the tenant wants a fan they can buy a floor model and take it with them when they leave. 

Renovation PlanScope of Work:Convert 0.5 Bath to Full BathEstimated Cost: $7,500Details: Add shower or bathtub, update fixtures, ensure proper plumbing.Add Bedroom in BasementEstimated Cost: $15,000Details: Install egress window, insulate, add walls, flooring, and electrical work.Replace DeckEstimated Cost: $3,000Details: Replace existing 8'x10' deck with new one.General UpdatesEstimated Cost: $45,000Details: Update kitchen, bathrooms, flooring, paint, fixtures, and necessary repairs.Total Renovation Costs: $70,5004.

There are complete floors that can't be accessed.

Renovating a 100 year old property often requires more than cosmetic updates such as paint, flooring, lighting, etc.

Updates include new upstairs flooring, kitchen counters/sink, bathroom vanities/toilets, and fresh paint.

Full rehab-paint, flooring, granite countertops, added bathrooms What was the outcome?

That chuck of change could go a long way towards renovations like a small bathroom remodel, interior painting, or new flooring, etc. if you choose to sell at a higher list price.