Regardless of the type of business...driveshare, handmade jewelry, auto repairs, food truck, whatever...you must also determine the cost of them operating that business, PLUS the cost of normal living expenses.

Depending on the vintage. 

We plan on renovating the bathrooms and replacing all bedroom carpet with hardwood or faux-hardwood tile.Even after finishing these updates to the house, I don't think it will have appreciated enough to refinance (thinking BRRR).

You could probably command even higher rents (and increase the value of the complex, if you have more than 4 units) by doing true interior upgrades like upgraded appliances, fancy backsplashes, faux-finished countertops, etc.

When we purchased the home it had Barney purple carpets, purple walls, purple marble in the front entry and faux Grecian columns.

It cash flows $400 a month (after 5% CapEx, 5% Maintenance, 6% Vacancy, 10% PM), 2.17% of the 2% rule, and 11% Cap Rate if you want to use that on a Small Multi-family (I know some don't).However, I had a roofer come over to look at a faux balcony that had rotted wood, that I wanted to change to a normal slope roof, to prevent issues in the future (I like when water runs off and away from the building). 

I have several vintage buildings here locally in Berwyn and Cicero, and in both cases I have opted to refinish hard woods in most cases as opposed to installing new floors over the top. 

Everything that @Mike McCarthy, @Carmichael Lewis, @Aigo Pyles is absolutely right in that the bathroom does look fine and is at least not the vintage 60s and 70s pink tile that you can sometimes find in San Francisco.

I am also stealing the idea from HGTV show about a vintage claw in bath tub.

They buy a lot of gold and diamond jewelry.