The reason I am ok with that is because I just spent $140K and updated everything - electrical, plumbing, roof, HVAC, windows, etc. so costs should be minimal for a while.

You're still putting in a kitchen, bath, HVAC, electrical, etc. which are your larger cost items.

While a recirculating hood with a proper filter (cleaned regularly), would help the grease, it would do nothing for the pollutants.If it were me, I'd put in an electric stove (I don't want to chance with my or tenants air quality) and add a 390 cfm or less exhaust hood (still recommenced to get rid of steam, etc from cooking). 

Tenants pay water, electric, gas, etc.3.

Short-term not allowed by city.Condition: Built in 1930, All units are updated, newer roof, new windows, new foundations, new sewer, new electric/plumbing.

Code for your area may include plumbing, electrical, bedroom windows (proper height, width and clearance for egress), some areas require sheet rock around the heater and hot water heater. 

I anticipate future problems with the property, there’s foundational and electrical problems with it.

Other considerations things to look at include; are any utilities common (like paying for a boiler for all 4 units instead of individual furnaces), how does access/common areas work, do the tenants all have access to laundry, are there any common area utilities (light common area lights, electric or gas for laundry) that would stay in the owner name.  

Based on the costs of infrastructure, water, sewer, electric, roads etc. a investor will be deep into debt for a long time before lot rent will even come close to covering debt servicing. 

Call my buddy Gabe at City Electric.