New bath tub/shower, tiled bathroom floors and sub floor, new lighting, vanity etc.

I would just lightly advise away from complicating your day-to-day life at this point given what you've told us. 

Simple as in new paint, appliance replacement, light fixture replacement, and sheetrock (due to repipe of old Kitec).

I also understand that the real money will be made on the 3rd, 4th, 5th+ deals, so my primary concern is getting started, getting experience, and making a little cash on my first investment.My initial strategy was to purchase a light value-add dup/tri/quad that is selling at a discount per key to FMV ideally with rents below market.

$150/ft for that size may be a little light due to the fact you don't get economies of scale building smaller. 

Do you feel the additional drivers of the Northern Lights in areas like Fairbanks would help increase winter occupancy better than places like Anchorage?

My other properties so far have been light rehabs but I'll be starting a significant rehab on a property soon.

If you are working with someone who will only paint the positives, and no negatives or risks, then tread lightly. 

I had a similar request from one of my tenants on a new light fixture in kitchen.  

Whether its a renovation project, or just light cosmetic work, you'll be doing these things yourself or managing the people you hire for the job(s).- Property management experience.