Also, would making improvements to the property (e.g., converting SRO units to apartments) help with future refinancing?

This can reduce labor costs, but be mindful of the time commitment.Leverage Economies of Scale: If you're working on multiple flips or rehabs, bundling similar tasks or projects together can help reduce costs by hiring one contractor or vendor for multiple jobs.Prioritize High-Impact Repairs: Focus on renovations that add the most value, such as kitchen or bathroom upgrades, while avoiding over-improving areas that won't significantly increase the property's resale value.By combining these strategies, you can manage rising costs while maximizing your potential returns on fix-and-flip projects.Kind regards,

If your your tenants are like you stated at first then maybe  your asset class needs to be improved. so you get better tenants..

If you can't evict tenants to knock down a property, and/or remodel it, or otherwise improve the property... you won't. 

TI stands for Tenant Improvement.

Property Maintenance and Costs Impact: With rental income growth limited, rent-controlled property owners may have less cash flow to reinvest in maintenance and improvements.

However, replacing the entire fence with a different one—such as installing a taller fence for privacy—would be classified as an improvement.

You are missing the following:  capital improvements, working capital, closing costs, pre-payments, and anything else you will need to pay in advance.You are missing several income and expense lines. 

Can I deduct any expenses incurred throughout the entire year 2023 for that property such as utilities, insurance, repairs, mileage, maintenance and improvements?

Glad this post of yours was restored Patricia, i like the topic, thanks for posting.My rates have always fluctuated too however it hasn't hurt my ranking with VRBO.Personally, i noticed for my listing, the ranking improved once i achieved greater than 50+ reviews and once my listing matured (listing age greater then 4 yrs).